By Reshmi Basu
New York, Aug 3 - Seoul, Korea-based steel maker Posco sold $300 million of 10-year senior notes (A2/A-/A-) at 99.671 to yield mid-swaps plus 40 basis points, according to a market source.
The deal priced at the tight end of price guidance, which was set at mid-swaps plus 40 to 45 basis points.
ABN Amro, HSBC and UBS Investment Bank were lead managers for the Regulation S transaction.
Proceeds from the sale will be used to pay principal on debt and for imported raw material.
| Issuer: | Posco
|
| Amount: | $300 million
|
| Issue: | Senior notes
|
| Maturity: | Aug. 10, 2016
|
| Coupon: | 5 7/8%
|
| Issue price: | 99.671
|
| Yield: | Mid-swaps plus 40 basis points
|
| Pricing date: | Aug. 3
|
| Settlement date: | Aug. 10
|
| Lead managers: | ABN Amro, HSBC, UBS Investment Bank
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A-
|
| Fitch: A-
|
| Price guidance: | Mid-swaps plus 40 to 45 basis points
|
| Distribution: | Regulation S
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
