Korean instant messaging services provider Kakao Corp made its debut in the international bond markets on Monday, raising W230 billion $200 million from a zero-coupon bond exchangeable into shares of newly-acquired music distributor Loen Entertainment.
The transaction came as a surprise to the market because the company had already announced a separate W250 billion domestic convertible bond issue earlier this month. Equity-linked specialists said they had not expected the company to launch another capital raise within such a short period of time.
The deal was nonetheless well-received by investors since it ended a near-three-month hiatus. The last internationally marketed equity-linked deal in Asia...
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