By William Gullotti and Cristal Cody
Buffalo, N.Y., July 25 – Korea Electric Power Corp. (Kepco) priced $1 billion of 5 3/8% three-year sustainability notes (Aa2/AA) on Monday, according to information provided by a market source on Tuesday.
As previously reported and according to S&P Global Ratings, the Regulation S and Rule 144A offering is a drawdown from Kepco’s $11 billion global medium-term note program.
The sustainability notes were priced at 100 basis points over Treasuries, tight to initial talk in the Treasuries plus 135 bps area.
The bookrunners are BofA, Citigroup, JPMorgan, Mizuho and UBS.
According to Moody’s Investors Service, Kepco plans to use all or part of the proceeds to fund or refinance existing and future debt for the development and operation of green projects associated with renewable energy, clean transportation and energy efficiency, and social projects, including support for small and medium enterprises (SME), job creation in SMEs and access to electricity for low-income households.
The issuer is a Seoul-based electric utility.
| Issuer: | Korea Electric Power Corp.
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| Amount: | $1 billion
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| Issue: | Sustainability notes
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| Maturity: | July 31, 2026
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| Bookrunners: | BofA, Citigroup, JPMorgan, Mizuho and UBS
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| Coupon: | 5 3/8%
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| Spread: | Treasuries plus 100 bps
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| Pricing date: | July 24
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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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| Initial talk: | Treasuries plus 135 bps area
|
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