By Mary-Katherine Stinson
Lexington, Ky., May 4 –Korea Ocean Business Corp. issued $300 million of 4½% senior notes due May 3, 2028 (Aa2//AA-), according to an offering document.
The notes priced at 99.035.
The joint bookrunners and joint lead managers were Citigroup Global Markets Ltd., HSBC Ltd., ING Bank NV, Singapore Branch and Standard Chartered Bank.
Proceeds, according to Moody’s Investors Service, will be used for general corporate purposes, including to repay debt.
Busan, South Korea-based Korea Ocean is a flagship government-owned policy finance institution for domestic shipping companies that serves to implement the Government’s strategy to enhance the competitiveness of the maritime transport industry of Korea.
| Issuer: | Korea Ocean Business Corp.
|
| Amount: | $300 million
|
| Issue: | Senior notes
|
| Maturity: | May 3, 2028
|
| Bookrunners: | Citigroup Global Markets Ltd., HSBC Ltd., ING Bank NV, Singapore Branch and Standard Chartered Bank
|
| Trustee: | Citicorp International Ltd. as fiscal agent
|
| Counsel to issuer: | Lee & Ko
|
| Counsel to underwriters: | Paul Hastings LLP
|
| Coupon: | 4½%
|
| Price: | 99.035
|
| Trade date: | April 24
|
| Settlement date: | May 3
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA-
|
| Distribution: | Regulation S
|
| ISIN: | XS2614258403
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