By William Gullotti
Buffalo, N.Y., July 13 – Korea Gas Corp. has issued $800 million of senior notes in two tranches (Aa2/AA/AA-), according to a listing notice on Tuesday.
The Regulation S and Rule 144A notes are issued under the company’s $11 billion global medium-term note program (//AA-).
The first tranche is $450 million of 1 1/8% senior notes due July 13, 2026.
Additionally, a tranche of $350 million of 2% senior unsecured notes due July 13, 2031.
BNP Paribas, Citigroup Global Markets Inc., Credit Agricole CIB, J.P. Morgan Securities plc, KB Securities Co., Ltd., Korea Development Bank, Mirae Asset Securities Co., Ltd. and UBS AG Hong Kong Branch are the joint lead managers and joint bookrunners.
The listings for both tranches are expected to be effective July 14.
The company plans to use the proceeds for general corporate purposes, including the repayment of outstanding borrowings.
Korea Gas is a natural gas company based in Daegu, South Korea.
| Issuer: | Korea Gas Corp.
|
| Issue: | Senior notes
|
| Bookrunners: | BNP Paribas, Citigroup Global Markets Inc., Credit Agricole CIB, J.P. Morgan Securities plc, KB Securities Co., Ltd., Korea Development Bank, Mirae Asset Securities Co., Ltd. and UBS AG Hong Kong Branch
|
| Issue date: | July 13
|
| Listing date: | July 14
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
| Fitch: AA-
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| Distribution: | Regulation S and Rule 144A
|
|
|
| 2026 notes
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| Amount: | $450 million
|
| Maturity: | July 13, 2026
|
| Coupon: | 1 1/8%
|
|
|
| 2031 notes
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| Amount: | $350 million
|
| Maturity: | July 13, 2031
|
| Coupon: | 2%
|
|
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