By Paul A. Harris and Reshmi Basu
St. Louis, May 25 - Korea Land Corp. priced its $500 million 10-year senior unsecured notes at 98.347 to yield U.S. Treasuries plus 125 basis points, according to syndicate and market sources.
The issue came to market in line with price guidance which had put the spread in the area of 125 basis points over Treasuries.
Citigroup and Deutsche Bank ran the books on the Rule 144A/Regulation S offering for the Korean land utilization company
| Issuer: | Korea Land Corp.
|
| Amount: | $500 million
|
| Issue: | Senior unsecured notes
|
| Maturity: | May 30, 2014
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| Bookrunners: | Citigroup and Deutsche Bank Securities
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| Coupon: | 5¾%
|
| Issue price: | 98.347
|
| Yield: | 5.972%
|
| Spread: | 125 basis points
|
| Call protection: | Non-callable for life
|
| Settlement date: | June 1
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
| Price talk: | 125 basis points area |
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