By Reshmi Basu
New York, March 27 - The Korea Development Bank sold a two-part offering of dollar-denominated and euro-denominated floating-rate notes (A3/A) Tuesday, according to a prospectus filed with the Securities and Exchange Commission.
The issuer sold $600 million of three-year notes at par to yield three-month Libor plus 14 basis points. The notes priced at the tight end of initial guidance, which was set at 14 bps to 16 bps more than Libor.
The bank also sold a €300 million tranche of seven-year notes at par to yield three-month Euribor plus 24 bps. That tranche also came at the tight end of talk, which was set at 24 bps to 27 bps more than Euribor.
Proceeds from the sale will be used for general operations, including repayment of maturing debt and other obligations.
ABN Amro, JP Morgan, Merrill Lynch and UBS Investment Bank were joint lead managers for the SEC-registered deal.
The issuer is a state-run bank based in Seoul.
| Issuer: | Korea Development Bank
|
| Issue: | Two-part offering of floating rate notes
|
| Lead managers: | ABN Amro, JP Morgan, Merrill Lynch, UBS Investment Bank
|
| Pricing date: | March 27
|
| Settlement date: | April 3
|
| Distribution: | Off shelf
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A
|
|
|
| Dollar-tranche
|
| Amount: | $600 million
|
| Issue: | Floating-rate notes
|
| Maturity: | April 3, 2010
|
| Coupon: | Three-month Libor plus 14 bps
|
| Issue price: | Par
|
| Yield: | Three-month Libor plus 14 bps
|
|
|
| Euro-tranche
|
| Amount: | €300 million
|
| Issue: | Floating-rate notes
|
| Maturity: | April 3, 2014
|
| Coupon: | Three-month Euribor plus 24 bps
|
| Issue price: | Par
|
| Yield: | Three-month Euribor plus 24 bps
|
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