Hyundai Motor is planning to raise some 300 billion won (USD240 million) by selling corporate bonds next month, according to media reports in South Korea.

The Korea Herald reported the company will hold the debt sale on May 8, with a maturity period of three to seven years, to secure operating capital.

The debt issuance will be handled by Mirae Asset Daewoo, KB Securities Co. and NH Investment & Securities Co., the official said.

Hyundai has suspended most of its overseas plants, as governments demanded manufacturers temporarily suspend production until the COVID-19 outbreak abates. It is also taking a hit to its Korean plants as export demand dries up.

South Korean vehicle manufacturers this week called on the South Korean government to provide up to KRW32tn (US$25.9bn) in emergency loans through banks to help them through the global COVID-19 coronavirus pandemic.

See also: South Korean automakers ask government for emergency loans, tax cuts