By Marisa Wong
Los Angeles, June 21 – Pan Ocean Co., Ltd. priced KRW 50 billion of three-year public straight bonds at par, according to a company announcement.
The interest rate was calculated by subtracting 15 basis points from the mark-to-market benchmark yields of three-year non-guaranteed publicly offered corporate bonds of Pan Ocean as of June 24, which is based on an average yield to maturity of four rating agencies.
The bonds are expected to be issued on Friday.
Proceeds will be used for facility investment and refinancing, as previously announced.
Pan Ocean is a Seoul, South Korea-based marine shipping company.
Issuer: | Pan Ocean Co., Ltd.
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Issue: | Public straight bonds
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Amount: | KRW 50 billion
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Maturity: | Three years
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Coupon: | 15 bps below mark-to-market benchmark yields of three-year non-guaranteed publicly offered corporate bonds of Pan Ocean as of June 24, which is based on an average yield to maturity of four rating agencies
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Price: | Par
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Settlement date: | June 25
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