By Rebecca Melvin
New York, March 19 - SK Telecom Co. Ltd. priced $332.53 million five-year convertible bonds to yield 1.75% with an initial conversion premium of 23%, according to a syndicate source.
Bookrunners of the Regulation S bonds, which priced at par of 100, were Barclays, Citigroup, Credit Suisse and Nomura International.
Initially SK Telecom expected to price $300 million of three- to seven-year convertible bonds, according to a regulatory filing by the company.
Proceeds will be used to finance a planned redemption of bonds that are maturing in May.
Moody's Investors Service assigned an A2 rating to the SK Telecom convertibles, and Fitch Ratings assigned a rating of A to the convertibles, with both rating agencies citing the company's key position in the Korean mobile telecommunications market.
Seoul-based SK Telecom is a mobile phone operator with 50.5% of the market in Korea.
| Issuer: | SK Telecom Co. Ltd.
|
| Issue: | Convertibles
|
| Amount: | $332.528 million
|
| Maturity: | April 7, 2014
|
| Bookrunners: | Barclays, Citigroup, Credit Suisse, Nomura International
|
| Coupon: | 1.75%
|
| Price: | Par of 100
|
| Yield: | 1.75%
|
| Conversion premium: | 23%
|
| Distribution: | Regulation S
|
| Settlement date: | April 7
|
| Ratings: | Moody's: A2
|
| Fitch: A
|
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