By Mary-Katherine Stinson
Lexington, Ky., July 19 – Korea Hydro & Nuclear Power Co. issued $500 million of 5% five-year green notes, series 19 tranche 1 (Aa2/AA) on Tuesday, according to a pricing supplement and listing notice.
The Rule 144A and Regulation S notes priced at 99.333 and are non-callable.
Citigroup Global Markets Inc., Credit Agricole CIB, Merrill Lynch International, Standard Chartered Bank and Societe Generale were the bookrunners.
Issued under the company’s $5 billion global medium-term note program, the notes were issued according to the company’s green bond framework which is in alignment with the Green Bond Principles 2021.
A second party opinion was received from S&P Global Ratings dated June 30 regarding the environmental criteria of the notes.
Proceeds will be allocated to finance the construction of new eligible green projects, for investments in renovating and/or upgrading existing green assets and to refinance existing projects. Specifically, this includes the development, investment, maintenance and generation of energy from renewable sources located in Korea or overseas, including solar photovoltaic, offshore and onshore wind and hydropower and construction and operation of facilities including pumped hydropower storage.
Korea Hydro is a Seoul, South Korea-based subsidiary of Korea Electric Power Corp. (Kepco).
| Issuer: | Korea Hydro & Nuclear Power Co.
|
| Amount: | $500 million
|
| Issue: | Green notes, series 19, tranche 1
|
| Maturity: | July 18, 2028
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| Bookrunners: | Citigroup Global Markets Inc., Credit Agricole CIB, Merrill Lynch International, Standard Chartered Bank and Societe Generale
|
| Counsel to issuer: | Lee & Ko
|
| Counsel to underwriters: | Cleary Gottlieb Steen & Hamilton LLP
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| Coupon: | 5%
|
| Price: | 99.333
|
| Call features: | Non-callable
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| Pricing date: | July 11
|
| Settlement date: | July 18
|
| Listing date: | July 19
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| Ratings: | Moody’s: Aa2
|
| S&P: AA
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| Distribution: | Rule 144A and Regulation S
|
| Cusip: | 50064YAS2, Y4899GGB3
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