By Christine Van Dusen
Atlanta, April 14 - South Korea's KT Corp. priced a combined $1 billion of three- and five-year notes (expected ratings: Baa1/A-/) in a Regulation S deal, a market source said.
The $650 million 1¾% three-year notes priced at 99.791 to yield Treasuries plus 100 basis points.
The notes were talked at a spread in the 105 bps area.
The $350 million 2 5/8% five-year notes priced at 99.642 to yield Treasuries plus 110 bps.
The notes were talked at a spread in the 115 bps area.
BofA Merrill Lynch, Citigroup, Deutsche Bank, Goldman Sachs and HSBC were the bookrunners for the Rule 144A and Regulation S deal.
KT is a telecommunications company based in Seongnam, South Korea.
| Issuer: | KT Corp.
|
| Amount: | $1 billion
|
| Description: | Senior notes
|
| Bookrunners: | BofA Merrill Lynch, Citigroup, Deutsche Bank, Goldman Sachs, HSBC
|
| Trade date: | April 14
|
| Settlement date: | April 22
|
| Expected ratings: | Moody's: Baa1
|
| Standard & Poor's: A-
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Three-year notes
|
| Amount: | $650 million
|
| Maturity: | April 22, 2017
|
| Coupon: | 1¾%
|
| Price: | 99.791
|
| Spread: | Treasuries plus 100 bps
|
| Price talk: | Treasuries plus 105 bps area
|
|
|
| Five-year notes
|
| Amount: | $350 million
|
| Maturity: | April 22, 2019
|
| Coupon: | 2 5/8%
|
| Price: | 99.642
|
| Spread: | Treasuries plus 110 bps
|
| Price talk: | Treasuries plus 115 bps area
|
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