By Reshmi Basu
New York, Sept. 20 - Korea Highway Corp. sold a €400 million offering of 10-year senior unsecured notes (A3) at 99.555 to yield mid-swaps plus 42 basis points, according to a market source.
The deal came in line with price guidance.
Deutsche Bank, JP Morgan and UBS were lead managers for the issue, which priced off the issuer's multi-currency medium-term note program.
The issuer is a state-run company that provides construction, repair and maintenance, and toll collection services for Korean expressways.
On May 17, 2005, Korea Highway priced a $500 million issue of 5 1/8% 10-year senior fixed-rate notes (A3/A-/A) at 98.938 to yield 5.263%, or 115 basis points over Treasuries.
| Issuer: | Korea Highway Corp.
|
| Amount: | €400 million
|
| Issue: | Senior unsecured notes
|
| Maturity: | Sept. 27, 2016
|
| Coupon: | 4 3/8%
|
| Issue price: | 99.555
|
| Spread: | Mid-swaps plus 42 basis points
|
| Pricing date: | Sept. 20
|
| Settlement date: | Sept. 27
|
| Lead managers: | Deutsche Bank, JP Morgan, UBS
|
| Rating: | Moody's: A3
|
| Price guidance: | Mid-swaps plus 42 basis points
|
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