Korean Bank to lend $1.5B to Micron for Hynix

April 3, 2002 – Seoul, Korea – State-run Korea Development Bank has agreed to provide a $1.5 billion loan to Micron Technology Inc. to help the US company buy assets of Hynix Semiconductor Inc., Moneytoday.co.kr reported.

Dow Jones and Co. said that according to the online news service, the loan arrangement clears one of the major stumbling blocks to a $4 billion deal to sell most of the Korean chipmaker to the US company.

Major creditor banks of Hynix have agreed on the bank providing the $1.5 billion loan to Micron, while Korea Exchange bank, Hanvit Bank, and Chohung Bank will offer loan guarantees according to their Hynix exposures, the report said, quoting an unidentified official from a creditor bank.


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