By Christine Van Dusen
Atlanta, Oct. 15 - Korea Expressway Corp. priced $700 million of 4½% fixed-rate global bonds (A2/A/A+) due March 23, 2015 at Treasuries plus 230 bps on Thursday, according to a market source.
The spread came tighter than previous whispers about price talk suggesting the deal would come in around 250 bps over Treasuries.
Bank of America Merrill Lynch, Deutsche Bank and HSBC are joint bookrunners on the Rule 144A and Regulation S deal.
The company, which constructs and operates the expressway network in Korea, is a near 100%-owned government enterprise. If the Republic of Korea's ownership falls below 50%, bondholders can put at par.
| Issuer: | Korea Expressway Corp.
|
| Face amount: | $700 million
|
| Maturity: | March 23, 2015
|
| Security description: | Fixed-rate global bonds
|
| Bookrunners: | Bank of America Merrill Lynch, Deutsche Bank, HSBC
|
| Coupon: | 4½%
|
| Price: | 99.335
|
| Spread: | 230 bps
|
| Change of control: | Put at par if Republic of Korea control falls below 50%
|
| Trade date: | Oct. 15
|
| Settlement date: | Oct. 22
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A+
|
| Distribution: | Rule 144A/Regulation S
|
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