Published on 4/14/2011 in the Prospect News Emerging Markets Daily and Prospect News Investment Grade Daily.
New Issue: Korea's Hyundai Steel sells $500 million 4 5/8% notes due 2016 to yield 4.673%
By Christine Van Dusen
Atlanta, April 14 - South Korea's Hyundai Steel Co. Ltd. priced $500 million 4 5/8% notes due April 21, 2016 (Baa3/BBB-/) at 99.788 to yield 4.673%, or Treasuries plus 249 basis points, a market source said.
Merrill Lynch, Citigroup, Credit Suisse, HSBC and JPMorgan were the bookrunners for the Rule 144A and Regulation S transaction.
Proceeds will be used for refinancing.
Hyundai Steel is a steel producer based in Seoul, South Korea.
| Issuer: | Hyundai Steel Co. Ltd.
|
| Amount: | $500 million
|
| Maturity: | April 21, 2016
|
| Description: | Senior notes
|
| Bookrunners: | Merrill Lynch, Citigroup, Credit Suisse, HSBC, JPMorgan
|
| Coupon: | 4 5/8%
|
| Price: | 99.788
|
| Yield: | 4.673%
|
| Spread: | Treasuries plus 249 bps
|
| Trade date: | April 14
|
| Settlement date: | April 21
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
| Distribution: | Rule 144A and Regulation S
|
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