LG H&H (KRX:051900) said its unit LG H&H USA will convert a 286.3 billion won loan extended to The Avon Company into equity, according to a Monday filing with the Korean Exchange.
The South Korean consumer goods company said that the conversion will improve the financial structure of the company, with the debt-to-equity swap expected on Sept. 1.
As part of the transaction, no separate cash will be paid, and LG H&H USA will maintain 100% ownership of The Avon Company.
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