By Cristal Cody
Chicago, Jan. 11 – Korea National Oil Corp. sold $1.5 billion of notes on Monday with the total amount comprised of three separate tranches, according to details from a market source.
A first tranche for $550 million of notes due April 18, 2025 priced with a 1¾% coupon and a spread of Treasuries plus 60 basis points, 20 bps low to talk in the 80 bps area.
The middle tranche is also a $550 million series, but with a 2 1/8% coupon and an April 18, 2027 maturity date. Pricing came at Treasuries plus 70 bps, 25 bps low to talk in the 95 bps area.
The longest-dated tranche is also the smallest: $400 million of 2 5/8% notes due April 18, 2032. The spread priced at 90 bps over Treasuries, 30 bps low to talk in the Treasuries plus 120 bps area.
BNP Paribas, Citigroup, HSBC Ltd., Mizuho, Korea Development Bank and UBS are the bookrunners.
Korea National Oil is an oil and gas production and exploration company based in Ulsan, South Korea.
| Issuer: | Korea National Oil Corp.
|
| Amount: | $1.5 billion
|
| Issue: | Notes
|
| Bookrunners: | BNP Paribas, Citigroup, HSBC Ltd., Mizuho, Korea Development Bank and UBS
|
| Trade date: | Jan. 10
|
|
|
| 2025 notes
|
| Amount: | $550 million
|
| Maturity: | April 18, 2025
|
| Coupon: | 1¾%
|
| Spread: | Treasuries plus 60 bps
|
| Price talk: | Treasuries plus 80 bps area
|
|
|
| 2027 notes
|
| Amount: | $550 million
|
| Maturity: | April 18, 2027
|
| Coupon: | 2 1/8%
|
| Spread: | Treasuries plus 70 bps
|
| Price talk: | Treasuries plus 95 bps area
|
|
|
| 2032 notes
|
| Amount: | $400 million
|
| Maturity: | April 18, 2032
|
| Coupon: | 2 5/8%
|
| Spread: | Treasuries plus 90 bps
|
| Price talk: | Treasuries plus 120 bps area
|
|
|
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