By Reshmi Basu
New York, Aug. 18 - LG-Caltex Oil Corp. priced $300 million 10-year notes (Baa2/BBB) at 99.122 to yield Treasuries plus 138 basis points, according to a market source.
The deal came in tighter than price guidance. Guidance was in the area of Treasuries plus 143 basis points.
Bank of America, Citigroup and Deutsche Bank were lead managers for the Rule 144A/Regulation S deal for South Korea's second largest oil refinery.
The sale was LG-Caltex's second attempt. On July 22, Prospect News reported that the Seoul-based petroleum refining company delayed the issue until further notice. At the time, LG-Caltex was in the middle of a labor dispute, which forced it to shut down its refinery.
| Issuer: | LG-Caltex Oil Corp.
|
| Amount: | $300 million
|
| Issue: | Notes
|
| Maturity: | Aug. 25, 2014
|
| Coupon: | 5½%
|
| Issue price: | 99.122
|
| Yield: | 5.616%
|
| Spread: | Treasuries plus 138 basis points
|
| Pricing date: | Aug. 18
|
| Settlement date: | Aug. 25
|
| Managers: | Bank of America, Citigroup, Deutsche Bank
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
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