By Rebecca Melvin
New York, Sept. 29 – Hanjin International Corp., a wholly owned subsidiary of Korean Air Lines Co. Ltd., priced $300 million floating-rate notes due 2020 (expected rating: Aa2) at par to yield Libor plus 95 basis points, according to a term sheet.
The notes will be guaranteed by the Export-Import Bank of Korea and will qualify as green bonds under an opinion from Sustainalytics.
Joint bookrunners and joint lead managers are BNP Paribas, Daiwa Capital Markets Europe and Goldman Sachs International.
Proceeds are earmarked for repayment of $300 million floating-rate notes due 2017, which are guaranteed by Kexim.
The original notes were used to finance the construction of the Wilshire Grand Center, a LEED building.
Approval in principal has been received to list the notes on the Singapore Stock Exchange.
| Issuer: | Hanjin International Corp.
|
| Guarantor: | Export-Import Bank of Korea
|
| Issue: | Floating-rate notes
|
| Amount: | $300 million
|
| Maturity: | Sept. 28, 2020
|
| Bookrunners: | BNP Paribas, Daiwa Capital Markets Europe, and Goldman Sachs International
|
| Co-manager: | Kexim Bank (UK) Ltd.
|
| Coupon: | Libor plus 95 bps
|
| Price: | Par
|
| Yield: | Libor plus 95 bps
|
| Change-of-control put: | 100%
|
| Pricing date: | Sept. 28
|
| Rating: | Moody’s: Aa2
|
| Distribution: | Regulation S
|
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