LG Display Completes Financing Agreement
06 December 2012
LG Display (LGD), a manufacturer of thin film transistor-liquid crystal displays (TFT-LCD), has completed a US$600 million financing arrangement, which comprised a US$350 million offshore floating rate note facility and a US$250 million onshore term loan facility.
The proceeds of the financing will be predominately used for the redemption of certain convertible bond indebtedness with the balance being used for LGD’s general corporate funding requirements, according to a company statement, which also noted that the outlook is “positive” for the LCD industry, which is experiencing a bounce back spurred by demand from China and the consumer TV sector. LGD is also a supplier to Apple’s iPad.
“Asian tech companies are looking upbeat. Demand for electronics is forecasted to be strong this year globally but particularly in China which is very much leading the industry’s recovery as a top consumer,” said JC Lee, a Hong Kong-based partner at DLA Piper. Lee heads the firm’s Korea practice.
DLA Piper acted as English counsel for LGD; Shin & Kim acted as Korean counsel for LGD; Lee & Ko acted as Korean counsel for the mandated lead arrangers; and Linklaters acted as English counsel for the mandated lead arrangers.
