By Christine Van Dusen
Atlanta, Aug. 1 - Korea's National Agricultural Cooperative Federation sold $500 million 3½% notes due Aug. 8, 2017 (A1/A/A) at 99.569 to yield 3.587%, or Treasuries plus 228 basis points, a market source said.
The notes - part of the company's $8 billion global medium-term note program - priced on the lower end of guidance, which was set at the Treasuries plus 230 bps area.
Bank of America Merrill Lynch, Citigroup, Credit Agricole, Deutsche Bank and Standard Chartered Bank were the bookrunners for the Rule 144A and Regulation S deal.
Proceeds will be used for general corporate purposes.
NACF is a Seoul, South Korea-based umbrella organization for agricultural and livestock cooperatives.
| Issuer: | National Agricultural Cooperative Federation
|
| Amount: | $500 million
|
| Maturity: | Aug. 8, 2017
|
| Description: | Notes
|
| Bookrunners: | Bank of America Merrill Lynch, Citigroup, Credit Agricole, Deutsche Bank, Standard Chartered Bank
|
| Coupon: | 3½%
|
| Price: | 99.569
|
| Yield: | 3.587%
|
| Spread: | Treasuries plus 228 bps
|
| Trade date: | Aug. 1
|
| Settlement date: | Aug. 8
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A
|
| Fitch: A
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Treasuries plus 230 bps area
|
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