Chicago, Feb. 10 – Korea Development Bank priced $1.5 billion of notes consisting of a floating-rate tranche and a fixed-rate tranche, according to a market source and a 424B5 filing with the Securities and Exchange Commission.
The $750 million floating-rate tranche due Feb. 18, 2023 came with an interest rate of Libor plus 35 basis points, in line with initial price talk.
A second $750 million tranche of 1¾% fixed-rate notes due Feb. 18, 2025 came with a spread of 45 bps over Treasuries.
The notes were brought by BNP Paribas, Citigroup Global Markets Inc., Goldman Sachs International, J.P. Morgan Securities LLC, KDB Asia Ltd. and UBS AG Hong Kong Branch as joint bookrunners and lead managers.
Proceeds from the offering will be used for general corporate purposes, including debt repayment.
The lender is based in Seoul, South Korea.
| Issuer: | Korea Development Bank
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| Issue: | Floating-rate and fixed-rate notes
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| Amount: | $1.5 billion
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| Bookrunners: | BNP Paribas, Citigroup Global Markets Inc., Goldman Sachs International, J.P. Morgan Securities LLC, KDB Asia Ltd. and UBS AG Hong Kong Branch
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| Floating-rate notes
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| Issue: | Floating-rate notes
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| Amount: | $750 million
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| Maturity: | Feb. 18, 2023
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| Interest rate: | Libor plus 35 bps
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| Fixed-rate notes
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| Issue: | Fixed-rate notes
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| Amount: | $750 million
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| Maturity: | Feb. 18, 2025
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| Coupon: | 1¾%
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| Spread: | 45 bps over Treasuries
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