By Christine Van Dusen
Atlanta, April 20 – South Korea’s Doosan Heavy Industries & Construction Co., Ltd., a subsidiary of Doosan Group, priced $500 million five-year notes (expected ratings: Aa3//AA-) at par to yield 2 1/8%, or Treasuries plus 95 basis points, on Monday, a market source said.
The notes were talked at a spread of 95 bps to 100 bps.
HSBC, Morgan Stanley and JPMorgan were the bookrunners for the Rule 144A and Regulation S deal.
The notes are guaranteed by the Export-Import Bank of Korea.
The construction equipment manufacturer is based in Changwon, South Korea.
| Issuer: | Doosan Heavy Industries & Construction Co. Ltd.
|
| Amount: | $500 million
|
| Maturity: | April 27, 2020
|
| Description: | Notes
|
| Bookrunners: | HSBC, Morgan Stanley, JPMorgan
|
| Coupon: | 2 1/8%
|
| Price: | Par
|
| Yield: | 2 1/8%
|
| Spread: | Treasuries plus 95 bps
|
| Trade date: | April 20
|
| Settlement date: | April 27
|
| Expected ratings: | Moody’s: Aa3
|
| Fitch: AA-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Treasuries plus 95 bps to 100 bps
|
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