By Rebecca Melvin
New York, Sept. 13 – Korea Development Bank priced $1 billion in three tranches of fixed- and floating-rate notes (Aa2/AA/AA-) on Tuesday in a Securities and Exchange Commission-registered deal.
The deal included $500 million three-year floating-rate notes that priced at par to yield Libor plus 67.5 basis points.
Also, $150 million of 4.5-year floating-rate notes priced at par to yield Libor plus 70.5 bps.
The 4.5-year floaters were an add on to the $500 million priced in February.
And $350 million of 2¾% long five-year fixed-rate notes priced at 99.975.
Goldman Sachs International, KDB Asia, Mirae Asset Daewoo, Mizuho Securities, Morgan Stanley, Societe Generale CIB and UBS AG Hong Kong Branch were joint bookrunners and lead managers for the offering.
The proceeds will be used for repayment of maturing debt and other obligations.
The lender is based in Seoul, South Korea.
| Issuer: | Korea Development Bank
|
| Amount: | $1 billion
|
| Bookrunners: | Goldman Sachs International, KDB Asia, Mirae Asset Daewoo, Mizuho Securities, Morgan Stanley, Societe Generale CIB and UBS AG Hong Kong Branch
|
| Pricing date: | Sept. 12
|
| Settlement date: | Sept. 19
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
| Fitch: AA-
|
| Distribution: | SEC registered
|
|
|
| Floaters due 2020
|
| Amount: | $500 million
|
| Maturity: | Sept. 19, 2020
|
| Description: | Floating-rate notes
|
| Coupon: | Libor plus 67.5 bps
|
| Price: | Par
|
| Yield: | Libor plus 67.5 bps
|
|
|
| Floaters due 2022
|
| Amount: | $150 million
|
| Maturity: | Feb. 27, 2022
|
| Description: | Floating-rate notes
|
| Coupon: | Libor plus 70.5 bps
|
| Price: | 99.599
|
|
|
| Fixed-rate notes due 2022
|
| Amount: | $350 million
|
| Maturity: | March 19, 2023
|
| Description: | Fixed-rate notes
|
| Coupon: | 2¾%
|
| Price: | 99.975
|
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