By Mary-Katherine Stinson
Lexington, Ky., April 30 – South Korea’s Hyundai Card Co., Ltd. sold a $500 million offering of 5¾% senior notes due 2029 (Baa1//BBB+) at 98.807, according to an offering circular.
The notes will be redeemable in whole if there are changes in Korea’s tax laws or if the issuer would have to pay additional amounts.
The notes will contain a negative pledge provision.
BNP Paribas, Citigroup Global Markets Ltd., Credit Agricole CIB and J.P. Morgan Securities plc are the joint bookrunners and joint lead managers for the Regulation S transaction.
Proceeds totaling $492,535,000 will be used for general corporate purposes.
Seoul-based Hyundai Card is the credit card unit of Hyundai Motor.
| Issuer: | Hyundai Card Co., Ltd.
|
| Amount: | $500 million
|
| Issue: | Senior notes
|
| Maturity: | April 24, 2029
|
| Bookrunners: | BNP Paribas, Citigroup Global Markets Ltd., Credit Agricole CIB and J.P. Morgan Securities plc
|
| Fiscal agent: | Citicorp International Ltd.
|
| Counsel to issuer: | Shin & Kim (Korean law)
|
| Counsel to bookrunners: | Paul Hastings LLP (U.S. law)
|
| Coupon: | 5¾%
|
| Issue price: | 98.807
|
| Pricing date: | April 17
|
| Settlement date: | April 24
|
| Listing date: | April 25
|
| Ratings: | Moody’s: Baa1
|
| Fitch: BBB+
|
| Distribution: | Regulation S
|
| ISIN: | XS2798085416
|
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