Posco cuts debt with Korea's first bond tender offer

Posco said Wednesday it has completed a partial early redemption of its US dollar-denominated bonds through a debt tender offer, becoming the first Korean company to do so.

The steelmaker repurchased $360 million of its $1 billion in five-year, 5.75 percent fixed-rate bonds issued in 2023 and originally due in January 2028.

The early redemption, funded with existing cash reserves, is expected to reduce debt and save about $31 million in interest expenses that would otherwise have accrued until t ...