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LG’s Telecom Unit Said to Seek to Borrow About $200 Million

LG Uplus Corp. (032640), formerly known as LG Telecom, may seek a loan for about $200 million, according to four people familiar with the matter.

The South Korean telecommunications and mobile phone operator, controlled by LG Group, has held discussions with banks for a two to three-year facility, said three of the people, who asked not to be identified because the details are private. The facility may be a loan-style floating rate note, a type of offshore loan typically arranged for Korean borrowers, they said.

Kim Sung Hyun, vice president and head of financing, didn’t deny discussions with banks had taken place when contacted by mobile phone at his office in Seoul. However he said the company had no need for U.S. dollar funding at this point in time.

To contact the reporters on this story: Wendy Mock in Hong Kong at wmock3@bloomberg.net; Taejin Park in Seoul at tpark31@bloomberg.net

To contact the editor responsible for this story: Shelley Smith at ssmith118@bloomberg.net

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