By Reshmi Basu
New York, Sept. 26 - Korea Western Power Co., Ltd. (Kowepo) sold $150 million of 10-year fixed-rate notes (A1/A) with a 5½% coupon at 98.964 to yield Treasuries plus 107.4 basis points or 55 basis points over mid-swaps, according to a market source.
The issue priced at the tight end of price guidance, which was set at mid-swaps plus 55 to 60 basis points.
Barclays Capital and Deutsche Bank were joint bookrunners for the Regulation S sale.
Kowepo is a wholly owned unit of state-controlled monopoly Korea Electric Power Corp.
| Issuer: | Korea Western Power Co., Ltd.
|
| Amount: | $150 million
|
| Issue: | Fixed-rate notes
|
| Maturity: | Sept. 29, 2016
|
| Coupon: | 5½%
|
| Issue price: | 98.964
|
| Yield: | 5.637%
|
| Spread: | Treasuries plus 107.5 bps or mid-swaps plus 55 bps
|
| Pricing date: | Sept. 26
|
| Settlement date: | Sept. 29
|
| Joint bookrunners: | Barclays Capital, Deutsche Bank
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A
|
| Price guidance: | Mid-swaps plus 55 to 60 basis points
|
| Distribution: | Regulation S
|
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