By Mary-Katherine Stinson
Lexington, Ky., June 16 – Korea Electric Power Corp. priced $800 million of notes in two tranches (Aa2/AA), according to listing notices and the base prospectus for its global medium-term note program.
The utility sold $500 million 3 5/8% senior notes due 2025 and $300 million 4% notes due 2027.
Citigroup Global Markets Inc. is the arranger.
Joining Citigroup as dealers are JPMorgan Securities (Asia Pacific) Ltd., Merrill Lynch International, Mizuho Securities Asia Ltd. and Standard Chartered Bank.
Citibank NA, London Branch is the issuing and paying agent, calculation agent and registrar and transfer agent.
Simpson Thacher & Bartlett serves as counsel to the arranger and dealers (U.S. law).
Shin & Kim LLC is counsel to the issuer (Korean law).
Proceeds, according to Moody’s Investors Service, will be used to fund or refinance the development and operations of projects associated with renewable energy, clean transportation and energy efficiency.
The notes are expected to be listed on the Singapore Exchange effective June 17.
The issuer is a Seoul-based electric utility.
| Issuer: | Korea Electric Power Corp.
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| Issue: | Senior notes
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| Amount: | $800 million
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| Dealers: | Citigroup Global Markets Inc., JPMorgan Securities (Asia Pacific) Ltd., Merrill Lynch International, Mizuho Securities Asia Ltd. and Standard Chartered Bank
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| Counsel to issuer: | Shin & Kim LLC
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| Counsel to underwriters: | Simpson Thacher & Bartlett
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| Issue date: | June 14
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| Listing date: | June 17
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| Ratings: | Moody’s: Aa2
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| S&P: AA
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| Distribution: | Rule 144A and Regulation S
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| 2025 notes
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| Amount: | $500 million
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| Maturity: | June 14, 2025
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| Coupon: | 3 5/8%
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| ISINs: | USY4907LAC64, US500631AV82
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| 2027 notes
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| Amount: | $300 million
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| Maturity: | June 14, 2027
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| Coupon: | 4%
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| ISINs: | USY4907LAD48, US500631AW65
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