Korea National Oil plans Monday pricing of two-part three-year notes

Chicago, Nov. 6 – Korea National Oil Corp. was in the Monday market with a two-part offering of fixed- and floating-rate notes (Aa2/AA), according to a market source.

Final price guidance on the fixed-rate tranche was Treasuries plus 80 basis points. On the floaters, guidance was at SOFR plus 108 bps, a source noted.

There will be a change-of-control put at par if the government ceases to own more than 51% of the company.

Citigroup was handling billing and delivery. Credit Agricole CIB, HSBC, ING, Standard Chartered Bank and UBS were also joint bookrunners.

Proceeds will be used for general corporate purposes, excluding any construction of oil sands projects.

Korea National Oil is an oil and gas production and exploration company based in Ulsan, South Korea.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.