By Aaron Hochman-Zimmerman
New York, March 19 - Posco priced $700 million five-year bonds with a coupon of 8¾% at 99.208 to yield 8.95% (A1/A/), according to a market source.
The bonds priced at the tight end of talk for a yield of 8.95% to 9.05%.
Citigroup, Deutsche Bank, Goldman Sachs, HSBC and Merrill Lynch acted as bookrunners for the Rule 144A and Regulation S deal.
The bonds have a change of control put at 101.
Proceeds will be used for capital expenditures and the purchase of raw materials.
Posco is a Seoul-based steelmaker and manufacturing firm.
Issuer: Posco
Issue: Five-year bonds
| Amount: | $700 million
|
| Maturity: | 2014
|
| Coupon: | 8¾%
|
| Price: | 99.208
|
| Yield: | 8.95%
|
| Bookrunners: | Citigroup, Deutsche Bank, Goldman Sachs, HSBC, Merrill Lynch
|
| Pricing date: | March 19
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A
|
| Price talk: | 8.95% to 9.05%
|
© 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.
