Posted : 2011-11-11 16:53
Updated : 2011-11-11 16:53

SK won’t issue new shares for Hynix takeover

By Kim Yoo-chul

SK Telecom said Friday it has no plans to issue new shares to raise money for the purchase of Hynix.

The announcement comes after SK Telecom became the preferred negotiator for the Korea Exchange Bank (KEB) _ the main shareholder of the Icheon, Gyeonggi Province-based Hynix.

In a statement, KEB said SK Telecom was qualified to be the new owner of the semiconductor manufacturer.

``SK Telecom won’t make a rights offer for cash to buy the memory chipmaker. We also don’t have a plan to sell some of our core assets for financing,’’ said a senior SK executive.

SK Telecom offered 3.5 trillion won to Hynix shareholders to buy 20 percent of Hynix including 10 percent more in a premium for management, officials said requesting anonymity.

The SK executive said cash-equivalent assets held by SK Telecom as of the end of the third quarter of this year were 2.2 trillion won.

``SK Telecom will raise the money from local banks and we don’t see any major obstacles in borrowing with a low interest rates as SK maintains a stable credit rating _ AAA,’’ said the executive who is directly involved with the deal.

Total assets of SK Telecom surpass 20 trillion won; and the firm has already received a letter of commitment for 2.5 trillion from Woori and Kookmin banks.

``It’s totally groundless to say that SK Telecom will have financing problems for the Hynix deal as we believe SK Telecom is very stable in cash-flow with a top-level credit rating compared to other local companies,’’ said Song Jae-kyung, an analyst at KTB Investment.

Shares of SK Telecom rose by 3.1 percent to end at 149,500 won on the Seoul bourse this week, according to data from operator Korea Exchange (KRX).

Creditors-turned-shareholders of Hynix have searched to recoup ``billions of dollars’’ that they spent to sustain the debt-ridden chipmaker years ago following the Asian financial crisis.

Plans to give management control to a local firm for fear of a potential leak of advanced technologies has dampened interest in Hynix especially at a time when investors are avoiding the capital intensive and cyclical memory chip sector.

Despite the push, financial markets were divided over SK’s decision to run the chip-making business that is labor- and cash-intensive. Some 2 trillion won is needed annually just for technology upgrades and maintenance.

``SK Telecom’s financing plans do make sense. But its shares will feel downward pressure over the short-term as the company didn’t unveil more details on synergy that it sees after the acquisition of Hynix,’’ said Kang Ji-hoon, an analyst at Samsung Securities.

``SK Telecom is insisting that it can create synergy by running the chip-making business. When we see a diversification of business portfolios, then that looks good, however, the company doesn’t have a history in running a chip business,’’ said Choi Gee-hu, an analyst at Daewoo Securities.

Fitch Ratings earlier said that if SK Telecom buys the stake with debt, ``the company’s credit strength may be impaired.’’ And Standard & Poor's echoed in a statement that the purchase would undermine the top local mobile carrier’s credit rating.

Also, SK Group Chairman Chey Tae-won is being investigated for allegedly embezzling company funds. Top local prosecutors raided the offices of some SK Group affiliates and took away boxes of classified documents as part of the investigation.

관련 한글 기사

SK텔레콤, '유상증자 없다'

SK텔레콤이 하이닉스 매각 우선협상대상자로 선정되면서 자금조달계획에 시선이 쏠리는 가운데 유상증자는 하지 않을 방침이다.

국내기업들 중 최고 수준의 신용등급을 유지하고 있는데다 현금 및 현금성 자산도 2조원을 넘어 금융권을 통한 자체 자금조달에 별다른 문제가 없기 때문.

이미 SK텔레콤은 우리은행과 국민은행으로부터 최대 2조5천억원 수준의 투자금융확양서 (LOC)를 받은 것으로 확인됐다.

11일, SK텔레콤의 한 고위 관계자는 ``하이닉스 인수를 위해 유상증자를 하지는 않을 것’’이라며 ``금융권 및 자체 차입을 통해 자금 조달이 충분히 가능하다’’고 밝혔다.

이 관계자는 이어 ``때문에 회사 일부 핵심 우량 자산을 매각하는 일도 없을 것’’이라고 덧붙였다.

SK텔레콤은 하이닉스 입찰가격으로 구주 2만4500원, 신주 2만3000원을 제시했다. 총 인수대금은 3조4267억원. SK텔레콤은 경영권 프리미엄 (구주 기준)으로 13.95%를 지불할 전망이다.

SK텔레콤은 올 3분기말 별도 기준으로 현금 및 현금성 자산(현금, 현금등가물, 단기금융상품 및 단기매매증권)은 2조1700억원에 이른다.
이중 5000억원은 분할한 SK플래닛으로 이전되나 하이닉스 인수를 준비한 만큼 현금은 충분할 것으로 보인다.

실제로 SK텔레콤은 3분기에만 1조원 가량의 현금을 쌓았다. 2분기말 현금 및 현금성 자산은 1조2400억원이다. 게다가 실제로 자금이 쓰이는 때는 빨라야 내년 1월이기 때문에 영업활동을 통해 현금을 쌓을 기회는 많다. 이에 따라 운영자금을 고려하면 자체 현금에서 쓸 수 있는 돈은 2조원을 넘지 않을 전망이다.

이 관계자는 ``나머지 금액도 차입을 통해 저금리로 충분히 조달할 수 있다’’고 강조했다. 지난해 말 SK텔레콤의 영업이익 2조350억원과 감가상각비는 2조1857 억원으로 이것을 합친 영업현금흐름 (EBITDA)은 4조2207억원에 육박한다.

송재경 KTB투자증권 연구원은 ``현금흐름이 우수해 자금 조달에는 문제가 없다’’며 ``2조5000억원을 차입했을 때 연간 이자가 1200억원 내외이나 하이닉스 지분법 이익이 그 이상이기 때문에 이익에 미치는 영향도 플러스’’라고 설명했다.

한편 하성민 SK텔레콤 사장은 우선협상대상자 선정 직후 ``주식매매계약 등 향후 절차에 성실히 임할 것이며, 이를 통해 하이닉스반도체 인수가 성공적으로 마무리되기를 기대한다’’면서 ``우선협상대상자 선정이 SK텔레콤과 하이닉스반도체 양사간 시너지 제고 차원을 넘어서 국가기간산업인 반도체산업 도약의 전기가 되도록 노력하겠다’’고 말했다.

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