Samsung seeks $3.6 billion in loans from KDB for chip investment

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The story "Samsung seeks $3.6 billion in loans from KDB for chip investment" was covered 2 days ago by Korea Economic Daily, a news publisher based in South Korea.

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Samsung seeks $3.6 billion in loans from KDB for chip investment - Korea Economic Daily

Quick Summary:

Samsung has for years been running the company without borrowing but recently changed its management style as it needs to spend heavily to compete with rivals such as Taiwan Semiconductor Manufacturing Co.(TSMC), the world’s top foundry or contract chipmaking company, amid the artificial intelligence (AI) chip boom.In February 2023.Samsung borrowed 21.99 trillion won at an annual interest rate of 4.6% from its affiliate Samsung Display Co.

South Korean tech giant Samsung Electronics Co.seeks to borrow as much as 5 trillion won ($3.6 billion) from the state-run Korea Development Bank to finance its projects to build more chip production facilities in Korea and abroad.

With the funds raised through the KDB borrowing and corporate bond issue, Samsung plans to build state-of-the-art chip facilities in Korea and abroad.