New Issue: Korea's Korail prices $200 million tap of 5.375% notes due May 2013 at 97.813

By Paul A. Harris

St. Louis, Aug. 26 - Korea Railroad Corp. priced a $200 million add-on to its 5.375% notes due May 15, 2013 (A2/A/) at 97.813 to yield 5.9125% on Tuesday, according to market sources.

Citigroup Global Markets, HSBC Securities and Morgan Stanley & Co. Inc. were joint bookrunners for the Rule 144A and Regulation S add-on.

Tuesday's $200 million tap takes the total issue size to $500 million.

The issuer is South Korea's national railroad system operator.

Issuer:	Korea Railroad Corp.
Amount:	$200 million
Maturity:	May 15, 2013
Security description:	Add-on to the 5.375% notes
Bookrunners:	Citigroup Global Markets, HSBC Securities, Morgan Stanley & Co. Inc.
Coupon:	5.375%
Price:	97.813
Yield:	5.9125%
Spread to Treasuries:	284.76 bps
Trade date:	Aug. 26
Settlement date:	Sept. 3, with accrued interest
Ratings:	Moody's: A2
	Standard & Poor's: A
Distribution:	Rule 144A/Regulation S
Total issue size:	$500 million

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