By Mary-Katherine Stinson
Lexington, Ky., Nov. 15 – Korea National Oil Corp. issued $800 million of notes in two tranches due 2026 (Aa2/AA) under its $12 billion global medium-term note program, according to a pricing supplement and a market source.
The $500 million of floating-rate notes due Nov. 14, 2026 priced at par with a coupon rate of SOFR plus 108 basis points.
The company priced $300 million of 5¼% notes due Nov. 14, 2026 at 99.317.
Bookrunners were Citigroup Global Markets Inc., Credit Agricole CIB, HSBC Ltd., ING Bank NV Singapore Branch and Standard Chartered Bank UBS AG, Hong Kong Branch.
The Regulation S and Rule 144A notes are expected to be listed on the Singapore Exchange on Nov. 15.
Proceeds will be used for general corporate purposes.
Korea National Oil is an Ulsan, South Korea-based state-owned integrated oil company.
| Issuer: | Korea National Oil Corp.
|
| Amount: | $800 million
|
| Bookrunners: | Citigroup Global Markets Inc., Credit Agricole CIB, HSBC Ltd., ING Bank NV Singapore Branch and Standard Chartered Bank UBS AG, Hong Kong Branch
|
| Trustee: | Citibank, NA, London Branch
|
| Counsel to issuer: | Lee & Ko
|
| Counsel to underwriters: | Cleary Gottlieb Steen & Hamilton LLP
|
| Change of control: | At par
|
| Pricing date: | Nov. 6
|
| Issue date: | Nov. 14
|
| Listing date: | Nov. 15
|
| Ratings: | Moody's: Aa2
|
| S&P: AA
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Floating-rate notes
|
| Amount: | $500 million
|
| Issue: | Notes, series 64, tranche 1
|
| Maturity: | Nov. 14, 2026
|
| Coupon: | SOFR plus 108 bps
|
| Price: | Par
|
| Yield: | SOFR plus 108 bps
|
| Cusips: | 50065LAE0, Y4938AAH2
|
|
|
| Fixed-rate notes
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| Amount: | $300 million
|
| Issue: | Notes, series 63, tranche 1
|
| Maturity: | Nov. 14, 2026
|
| Coupon: | 5¼%
|
| Price: | 99.317
|
| Spread: | Treasuries plus 80 bps
|
| Cusips: | 50065LAD2, Y4938AAG4
|
|
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