Ramsey... All...
A small ray of light from S.Korea. This should at least help stabilize the currency and give them a little breathing room to get their house in order. -JLF
Korea, Citibank Report Tenders Reach $21.3 Billion
March 13, 1998
NEW YORK--(BUSINESS WIRE) via NewsEdge
Corporation -- The Ministry of Finance and
Economy of the Republic of Korea and Citibank,
the exchange agent, announced today that the
Republic has received tenders for its exchange offer
reaching U.S. $21.3 billion of eligible debt.
The amount tendered is more than sufficient to
permit the Republic to complete the transaction,
which will extend maturities of the short-term debt
of Korean banks.
Mr. Kyu Sung Lee, Minister of Finance and
Economy, said: "We are very pleased with the
overwhelmingly favorable response we have
received to date to the exchange offer. Some
international creditor banks are still in the process
of tendering their eligible debt."
William R. Rhodes, vice chairman of Citibank and
senior coordinator of the bank negotiations, said: "I
am gratified by the banks' response, which is a
vote of confidence in Korea and the Government's
economic reform program. The banks' response
allows the loan agreement to be signed formally
before the end of March and the first exchange to
be on April 8, as scheduled."
Pursuant to the exchange offer, the Republic is
offering to exchange new one-, two- and three-year
loans to the Korean banks, guaranteed by the
Republic, for eligible short-term debt of the Korean
banks. |
