Hyundai Card said Tuesday that Dongbu Securities acquired all of its bonds worth 40 billion won ($34.9 million).
The credit card joint venture of Hyundai Motor, Korea’s largest automaker, and GE Capital will use the proceeds to finance its operations, according to a regulatory filing.
Dongbu Securities (Yonhap)
Hyundai and Kia Motors have a combined 48 percent stake in Hyundai Card, while IGE USA Investments, an affiliate of GE Capital, has a 43 percent stake.
With an annual interest rate of 2 percent, Hyundai Card’s AA-plus bonds mature in April 2021.
By Park Hyong-ki (hkp@heraldcorp.com)