By Cristal Cody
Chicago, May 11 – Korea Expressway Corp. sold $500 million of 1 1/8% sustainability notes due May 17, 2026 (Aa2/AA) on Monday, a market source told Prospect News.
The notes sold with a spread of 47.5 basis points over Treasuries, lower than talk in the Treasuries plus 80 bps area.
BofA Securities, Citigroup, HSBC and JPMorgan are the bookrunners.
Proceeds will be used for general corporate purposes, according to S&P Global Ratings.
The expressway construction and maintenance company is based in Gimcheon, South Korea.
| Issuer: | Korea Expressway Corp.
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| Issue: | Sustainability notes
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| Amount: | $500 million
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| Maturity: | May 17, 2026
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| Bookrunners: | BofA Securities, Citigroup, HSBC and JPMorgan
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| Coupon: | 1 1/8%
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| Spread: | Treasuries plus 47.5 bps
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| Trade date: | May 10
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| Ratings: | Moody’s: Aa2
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| S&P: AA
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| Price talk: | Treasuries plus 80 bps area
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