New Issue: Korean Air Lines prices $300 million 2½% notes due 2045 at 130 bps over Treasuries

By Christine Van Dusen

Atlanta, Nov. 20 – Korean Air Lines priced a $300 million issue of 2½% 30-year notes (Aa3) at 99.963 to yield 2.513%, or Treasuries plus 130 basis points, on Thursday, a market source said.

BNP Paribas was the bookrunner for the Regulation S notes, which were guaranteed by the Export-Import Bank of Korea.

Issuer:	Korean Air Lines
Guarantor:	Export-Import Bank of Korea
Amount:	$300 million
Maturity:	Nov. 25, 2045
Description:	Senior unsecured capital securities
Bookrunner:	BNP Paribas
Coupon:	2½%
Price:	99.963
Yield:	2.513%
Spread:	Treasuries plus 130 bps
Call options:	Non-callable for three years
Trade date:	Nov. 19
Settlement date:	Nov. 25
Expected rating:	Moody's: Aa3
Distribution:	Regulation S

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