Samung to Sell $1 Billion in Bonds to Fund Chip Facility in the U.S.
It's the first major overseas debt sale for Samsung in over 10 years, Reuters reports. Among other things, Samsung supplies semiconductor chips to Apple for its iPhone and iPad tablet PC devices, and by selling 5-year bonds, the company could ensure it has enough funds to keep its Austin, Texas plant firing on all cylinders.
Samsung is hoping to secure additional funds for operations in its manufacturing facility in Austin, Texas.
Samsung isn't exactly a cash-strapped company to begin with. According to Reuters, Samsung had about 22 trillion won in cash at the end of September 2011, and to save you the trip to Google, that works out to around $19.2 billion. The company's cash usually goes towards funding investments, of which Samsung has not yet announced any major investment plans for this year.