Chicago, April 24 – Korea Ocean Business Corp. priced $600 million of senior notes (Aa2//AA-) in two parts on Wednesday, according to a source.
The deal includes two equal $300 million tranches.
A three-year note priced with a 5 3/8% coupon at 99.904 to yield 5.41%, or at Treasuries plus 60 basis points.
The second tranche, a five-year note, priced with a 5¼% coupon at 99.467 to yield 5.373%, or at Treasuries plus 70 bps.
JPMorgan is handling billing and delivery. Also working as joint bookrunners are BNP Paribas, Credit Agricole CIB, ING and Standard Chartered Bank.
Proceeds are being used for general corporate purposes.
The notes will be listed in Singapore.
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: | $600 million
|
| Issue: | Senior notes
|
| Bookrunners: | JPMorgan (billing and delivery), BNP Paribas, Credit Agricole CIB, ING and Standard Chartered Bank
|
| Change of control: | At par
|
| Trade date: | April 24
|
| Settlement date: | May 2
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA-
|
| Distribution: | Regulation S
|
|
|
| Three-year notes
|
| Amount: | $300 million
|
| Maturity: | May 2, 2027
|
| Coupon: | 5 3/8%
|
| Price: | 99.904
|
| Yield: | 5.41%
|
| Spread: | Treasuries plus 60 bps
|
| ISIN: | XS2803406698
|
|
|
| Five-year notes
|
| Amount: | $300 million
|
| Maturity: | May 2, 2029
|
| Coupon: | 5¼%
|
| Price: | 99.467
|
| Yield: | 5.373%
|
| Spread: | Treasuries plus 70 bps
|
| ISIN: | XS2803407233
|
|
|
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