By Reshmi Basu
New York, June 10 - LG Electronics sold an upsized $600 million offering of five-year bonds (Baa3/BBB-) at 99.494 with a 5% coupon to yield 5.116%, or 130 basis points over Treasuries, according to a market source.
The deal, increased from $400 million, priced at the tight end of price guidance. Guidance has been set at 130 to 135 basis points over Treasuries.
Citigroup, Credit Suisse First Boston, Lehman Brothers and Korea Development Bank ran the Rule 144A/Regulation S with no registration rights issue.
On May 12 LG Electronics delayed its $600 million dual-tranche offering of $300 million in five-year and $300 million in 10-year bonds due to market volatility.
The company is a Seoul-based electronics maker.
| Issuer: | LG Electronics
|
| Amount: | $600 million
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| Maturity: | June 17, 2010
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| Coupon: | 5%
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| Issue price: | 99.494
|
| Yield: | 5.116%
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| Spread: | 130 basis points over Treasuries
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| Pricing date: | June 10
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| Settlement date: | June 17
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| Lead managers: | Citigroup, Credit Suisse First Boston, Lehman Brothers, Korea Development Bank
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
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