By Marisa Wong
Los Angeles, Oct. 20 – Korea Development Bank priced $1 billion of notes (Aa2/AA/AA-) in two parts, according to an FWP filing with the Securities and Exchange Commission.
Korea Development priced $500 million of three-year notes at 99.748 with a coupon of ˝% and $500 million of 5˝-year notes at 99.721 with a coupon of 0.8%.
BofA Securities, Inc., Citigroup Global Markets Inc., Credit Agricole CIB, KDB Asia Ltd. and Mizuho Securities USA LLC are the joint bookrunners and lead managers.
Proceeds from one of the tranches will be allocated toward financing new or refinancing existing eligible social projects, namely loans and lines of credit that provide direct or indirect financial support for small- and medium-sized enterprises and small offices or home offices adversely affected by the Covid-19 pandemic.
Proceeds from the other tranche will be used for general operations, including extending foreign currency loans and repaying maturing debt and other obligations.
The bank is based in Seoul, South Korea.
| Issuer: | Korea Development Bank
|
| Issue: | Notes
|
| Amount: | $1 billion
|
| Bookrunners: | BofA Securities, Inc., Citigroup Global Markets Inc., Credit Agricole CIB, KDB Asia Ltd. and Mizuho Securities USA LLC
|
| Pricing date: | Oct. 19
|
| Settlement date: | Oct. 27
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
| Fitch: AA-
|
|
|
| 2023 notes
|
| Amount: | $500 million
|
| Maturity: | Oct. 27, 2023
|
| Coupon: | ˝%
|
| Price: | 99.748
|
|
|
| 2026 notes
|
| Amount: | $500 million
|
| Maturity: | April 27, 2026
|
| Coupon: | 0.8%
|
| Price: | 99.721
|
|
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