LG Chem Seeks $1 Billion for Bonds Exchangeable Into LG Energy Solution Shares

LG Energy Solution Ltd.’s stock slipped to a fresh record low, as a plan by its parent LG Chem Ltd. to refinance exchangeable bonds spurred dilution concerns over the EV battery maker.

Shares of LG Energy, a supplier to Tesla Inc. and other automakers, fell as much as 4.7% Friday to 292,500 won, below the price of their initial public offering in 2022. The drop followed LG Chem’s announcement that it will sell $1 billion in new bonds that can be exchanged for LG Energy stock.