이 기사는 2020년 05월 22일 08:00 thebell 에 표출된 기사입니다.

Market participants are paying close attention to Q Capital Partners and the private equity unit of NH Investment & Securities (NH PE)’ investment outcome of convertible bonds issued by Asiana Airlines.

NH PE and Q Capital Partners are expected to cash out approximately 75 percent of its investment in Asiana Airlines’ convertible bonds, according to sources familiar with the situation on Wednesday. The two firms jointly took over 40 billion won ($32.5 million) worth of convertible bonds in April 2018 via a 200 billion won blind-pool fund NH-QCP SME Global Investment Partnership PEF.

NH PE and Q Capital Partners converted convertible bonds worth 20 billion won into stocks in April 2019 and additional convertible bonds worth 10 billion won in December 2019. The two firms have reportedly generated an internal rate of return (IRR) of approximately 30 percent by selling stocks through open market transactions shortly after Asiana Airlines' share price soared to 9000 won level on the announcement of the sale of the airliner.

NH PE and Q Capital Partners have recently decided to request for early redemption of convertible bonds worth 10 billion won due to the sluggish progress in the acquisition of the airliner by HDC Hyundai Industrial Development and unfavorable market condition due to the COVID-19 outbreak.

By exercising put options on 10 billion won worth of convertible bonds, two firms will be able to pocket an additional five percent interest income. The yield to maturity on the 10 billion worth convertible bonds is five percent.

Previously, financially-troubled Asiana Airlines issued a 100 billion worth CBs in 2018.

(Reporting by Hye-ran Kim)