By Cristal Cody
Chicago, Sept. 30 – Korea Electric Power Corp. (Kepco) priced an $800 million offering of green bonds in two parts (Aa2/AA) on Thursday, a market source said.
With a weight toward the notes due 2026 in allocations, the utility company priced $500 million of 5 3/8% notes with a 120 basis points spread over Treasuries against talk in the 150 bps area.
The company also priced a $300 million tranche of 5˝% notes due in 2028 with a 160 bps spread. Initial price talk was in the 190 bps area.
BofA, Citigroup, JPMorgan, Korea Development Bank and UBS are the bookrunners.
Proceeds will be used for green projects, according to S&P Global Ratings.
Kepco is a Seoul-based electric utility.
| Issuer: | Korea Electric Power Corp.
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| Amount: | $800 million
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| Issue: | Green bonds
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| Bookrunners: | BofA, Citigroup, JPMorgan, Korea Development Bank and UBS
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| Trade date: | Sept. 29
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| Ratings: | Moody’s: Aa2
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| S&P: AA
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| 2026 notes
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| Amount: | $500 million
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| Maturity: | April 6, 2026
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| Coupon: | 5 3/8%
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| Spread: | Treasuries plus 120 bps
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| Price talk: | Treasuries plus 150 bps area
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| 2028 notes
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| Amount: | $300 million
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| Maturity: | April 6, 2028
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| Coupon: | 5˝%
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| Spread: | Treasuries plus 160 bps
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| Price talk: | Treasuries plus 190 bps area
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