By Jun Yang and Taejin Park - Jan 16, 2012 8:11 AM GMT+0700
Samsung Electronics Co. (005930), the world’s largest maker of computer memory chips, plans to issue its first overseas bonds since 1997 to expand its Texas production of processors used in mobile devices, including Apple Inc. (AAPL)’s iPhone.
The company has sent requests for proposals to banks to borrow as much as $1 billion to expand an Austin, Texas, factory, James Chung, a Seoul-based spokesman for Samsung, said by telephone today, confirming a report in the Korea Economic Daily yesterday. The bonds will be issued by Samsung’s U.S. unit and may have maturities of five years, Chung said.
Samsung, the exclusive manufacturer of Apple-designed chips powering the iPhone and iPad tablet computer, in October started maximizing the production of chips for mobile-phone processors.
The company’s long-term credit is rated “A1” by Moody’s Investors Service with a “stable” outlook, the same level as South Korea’s sovereign rating.
To contact the reporters on this story: Jun Yang in Seoul at jyang180@bloomberg.net; Taejin Park in Seoul at tpark31@bloomberg.net
To contact the editor responsible for this story: Michael Tighe at mtighe4@bloomberg.net
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