By Aaron Hochman-Zimmerman
New York, April 11 - Korea Southern Power Co. (A1/A-) priced $300 million of five-year senior notes at 99.61 to yield 5.465% with a coupon of 5 3/8%, according to a market source.
The deal priced at mid-swaps plus 208 bps, which was tighter than talk in the mid-swaps plus 220 bps area.
The price brought a spread over Treasuries of 289.6 bps.
ABN Amro, Citigroup and Deutsche Bank acted as bookrunners for the Rule 144A and Regulation S deal.
Kospo is a Seoul-based energy firm.
| Issuer: | Korea Southern Power Co.
|
| Amount: | $300 million
|
| Issue: | Five-year senior notes
|
| Maturity: | April 18, 2013
|
| Coupon: | 5 3/8%
|
| Price: | 99.61
|
| Yield: | 5.465%
|
| Spread: | Mid-swaps plus 208 bps, Treasuries plus 289.6 bps
|
| Bookrunners: | ABN Amro, Citigroup, Deutsche Bank
|
| Pricing date: | April 11
|
| Settlement date: | April 18
|
| Distribution: | Rule 144A/Regulation S
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A-
|
| Price talk: | Mid-swaps plus 220 bps area
|
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