By Reshmi Basu and Paul A. Harris
New York, April 20 - Korea Electric Power Corp. (Kepco) priced $300 million of 30-year notes at 93 basis points over Treasuries, according to syndicate and market sources.
The 5 1/8% notes priced at 98.434 to yield 5.329%.
The tenor was extended to 30 years from the planned 10 years although the notes have a put in year 10.
The deal came at the tight end of price talk. Talk on the deal had put the spread at 93 to 95 basis points Tuesday morning.
Investor demand ran to $3 billion on the deal, according to a market source.
ABN Amro, Deutsche Bank, Morgan Stanley, Samsung Securities were bookrunners on the Rule 144A/ Regulation S (without regulation rights) issue.
The Seoul-based power company will use proceeds to retire yen-denominated maturing debt.
Issuer: Korea Electric Power Corp.
| Amount: | $300 million
|
| Issue: | Notes
|
| Maturity: | April 23, 2034
|
| Coupon: | 5 1/8%
|
| Issue price: | 98.434
|
| Yield: | 5.329%
|
| Spread: | 93 basis points
|
| Call features: | Non-callable
|
| Put: | April 23, 2013
|
| Ratings: | Moody's: A3
|
| S&P: A-
|
| Pricing date: | April 20
|
| Settlement date: | April 23
|
| Bookrunners: | ABN Amro Holding NV, Deutsche Bank AG, Morgan Stanley, Samsung Securities
|
| Talk: | 93 to 95 basis points
|
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