By Rebecca Melvin
New York, March 6 – Korea Development Bank priced $1 billion of notes (Aa2/AA/AA-) in fixed- and floating-rate tranches, according to a syndicate source.
The $500 million issue of three-year floating-rate notes priced at par to yield Libor plus 55 basis points. That pricing was tight compared to initial talk of Libor plus 70 bps.
The $500 million tranche of 3 3/8% five-year notes priced at 99.49.
HSBC, BofA Merrill Lynch, KDB Asia, MUFG, Nomura and UBS are the joint bookrunners and lead managers for the Securities and Exchange Commission-registered deal.
The proceeds will be used for general operations, including extending foreign currency loans and repayment of maturing debt and other obligations.
The lender is based in Seoul, South Korea.
| Issuer: | Korea Development Bank
|
| Amount: | $1 billion
|
| Bookrunners: | HSBC, BofA Merrill Lynch, KDB Asia, MUFG, Nomura and UBS
|
| Pricing date: | March 5
|
| Settlement date: | March 12
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
| Fitch: AA-
|
| Distribution: | SEC registered
|
|
|
| Floaters due 2021
|
| Amount: | $500 million
|
| Maturity: | March 21, 2021
|
| Description: | Floating-rate notes
|
| Coupon: | Libor plus 55 bps
|
| Price: | Par
|
| Yield: | Libor plus 55 bps
|
| Price talk: | Libor plus 70 bps area
|
|
|
| Fixed-rate notes due 2023
|
| Amount: | $500 million
|
| Maturity: | March 12, 2023
|
| Description: | Fixed-rate notes
|
| Coupon: | 3 3/8%
|
| Price: | 99.49
|
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