New Issue: Korea Highway $500 million 10-year notes yield T+115 bps

By Reshmi Basu

New York, May 17 - Korea Highway Corp. priced $500 million of 10-year senior fixed-rate notes (A3/A-/A) at 98.938 with a 5 1/8% coupon to yield 5.263%, or 115 basis points over Treasuries, according to a market source.

Citigroup, JP Morgan and UBS Investment Bank were the managers for the Rule 144A/Regulation S offering.

Korea Highway Corp. is a state-run company that provides construction, repair and maintenance, and toll collection services for Korean expressways.

Issuer:	Korea Highway Corp.
Amount:	$500 million
Issue:	Senior notes
Maturity:	May 20, 2015
Coupon:	5 1/8%
Issue price:	98.938
Yield:	5.263%
Spread:	115 basis points over Treasuries
Pricing date:	May 17
Settlement date:	May 20
Managers:	Citigroup, JP Morgan, UBS Investment Bank
Ratings:	Moody's: A3
	Standard & Poor's: A-
	Fitch: A
Price guidance:	115 basis points over Treasuries

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