New Issue: Korea National Oil prices $1 billion senior notes due 2019, 2024

By Christine Van Dusen

Atlanta, Jan. 15 - Korea National Oil Corp. priced a combined $1 billion of five- and 10-year senior notes (expected ratings: A1/A+/AA-) on Wednesday, a market source said.

The deal included $500 million 2¾% notes due 2019 that priced at 99.532 to yield Treasuries plus 117.5 basis points.

The second tranche totaled $500 million 4% notes due 2024 that priced at 99.446 to yield Treasuries plus 117.5 bps.

Both tranches were talked at a spread in the 120 bps area.

Barclays, Citigroup, Deutsche Bank, HSBC, Korea Development Bank and UBS were the bookrunners for the Rule 144A and Regulation S deal.

Issuer:	Korea National Oil Corp.
Amount:	$1 billion
Description:	Senior notes
Bookrunners:	Barclays, Citigroup, Deutsche Bank, HSBC, Korea Development Bank, UBS
Trade date:	Jan. 15
Settlement date:	Jan. 23
Expected ratings:	Moody's: A1
	Standard & Poor's: A+
	Fitch: AA-
Distribution:	Rule 144A and Regulation S
Five-year notes
Amount:	$500 million
Maturity:	Jan. 23, 2019
Coupon:	2¾%
Price:	99.532
Spread:	Treasuries plus 117.5 bps
Price talk:	Treasuries plus 120 bps area
10-year notes
Amount:	$500 million
Maturity:	Jan. 23, 2024
Coupon:	4%
Price:	99.446
Spread:	Treasuries plus 117.5 bps
Price talk:	Treasuries plus 120 bps area

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