By Christine Van Dusen
Atlanta, May 7 - Korea National Oil Corp. - through Harvest Operations - priced $630 million 2 1/8% five-year notes (expected ratings: A1/A+/) at 99.637 to yield Treasuries plus 145 basis points, a market source said.
The notes were talked at a spread in the 150 bps area.
BofA Merrill Lynch, Barclays, HSBC and RBS were the bookrunners for the Rule 144A and Regulation S deal.
The notes include a change-of-control put if the government ceases to own 51% of KNOC.
The proceeds will be used to repay Harvest's debt.
Korea National Oil is an oil and gas production and exploration company based in Anyang, South Korea.
| Issuer: | Harvest Operations
|
| Amount: | $630 million
|
| Maturity: | May 14, 2018
|
| Description: | Notes
|
| Bookrunners: | BofA Merrill Lynch, Barclays, HSBC, RBS
|
| Coupon: | 2 1/8%
|
| Price: | 99.637
|
| Yield: | Treasuries plus 145 bps
|
| Change-of-control put: | If the government ceases to own and control 51% of KNOC
|
| Trade date: | May 7
|
| Settlement date: | May 14
|
| Expected ratings: | Moody's: A1
|
| Standard & Poor's: A+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Treasuries plus 150 bps area
|
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