By Marisa Wong and Cristal Cody
Los Angeles, March 26 – Korea National Oil Corp. priced $1.4 billion of notes (Aa2/AA) in three tranches on Monday, according to a market source.
Korea National Oil priced $300 million of floating-rate notes due April 3, 2027 at SOFR plus 83 basis points. Initial price talk was SOFR plus an equivalent spread.
The company sold $500 million of 4 7/8% notes due April 3, 2027 at Treasuries plus 70 bps. Initial price talk was in the Treasuries plus 110 bps area.
The third and final tranche consists of $600 million of 4 7/8% notes due April 3, 2029 priced at Treasuries plus 80 bps. Initial price talk was in the Treasuries plus 120 bps area.
Citigroup, HSBC, Korea Development Bank, Mizuho, Standard Chartered Bank and UBS are the bookrunners.
The company held fixed-income investor calls last Wednesday ahead of the Rule 144A and Regulation S offering, as previously reported.
Korea National Oil is an oil and gas production and exploration company based in Ulsan, South Korea.
| Issuer: | Korea National Oil Corp.
|
| Amount: | $1.4 billion
|
| Issue: | Notes
|
| Bookrunners: | Citigroup, HSBC, Korea Development Bank, Mizuho, Standard Chartered Bank and UBS
|
| Pricing date: | March 25
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| 2027 floaters
|
| Amount: | $300 million
|
| Maturity: | April 3, 2027
|
| Coupon: | SOFR plus 83 bps
|
| Price talk: | SOFR plus an equivalent spread
|
|
|
| 2027 notes
|
| Amount: | $500 million
|
| Maturity: | April 3, 2027
|
| Coupon: | 4 7/8%
|
| Spread: | Treasuries plus 70 bps
|
| Price talk: | Treasuries plus 110 bps area
|
|
|
| 2029 notes
|
| Amount: | $600 million
|
| Maturity: | April 3, 2029
|
| Coupon: | 4 7/8%
|
| Spread: | Treasuries plus 80 bps
|
| Price talk: | Treasuries plus 120 bps area
|
|
|
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