이 누리집은 대한민국 공식 전자정부 누리집입니다.
Biz News Korea(Eng)
SK E&S to issue domestic bonds worth $303 mn in three tranches
- Collected
- 2016.08.25
- Distributed
- 2016.08.26
- Source
- Go Direct
According to local investment banking sources on Wednesday, AA+-rated SK E&S on Monday will offer issues in 100 billion won in a maturity of three years, 140 billion won in five years and 100 billion won in seven years.
The company initially eyed issues in 250 billion won worth. The order book extended to 610 billion won. The company drew 190 billion won bids for three-year note, 280 billion won for five-year note, and another 140 billion won bids for seven-year bond.
“The SK E&S new supply received huge response as there had been few top investment-grade offers in the debt pipeline,” a source close to the deal said.
The company could expect to price its bonds at coupon of less than 2 percent. Guidance for the three-year paper is 1.475 percent, 1.596 percent for five-year note and 1.701 percent for seven-year bond.
Of the proceeds, 150 billion won will be used to refinance the 2013 issue in the same amount that matures in October. The company would be paying off the debt raised in a rate of 3.24 percent at half the price. The rest will be used to pay off shorter high-yield debt and for operations.
SK E&S had sought debt to expand locally and explore energy overseas.
It sold its three affiliates including Pyeongtaek Energy Service last year to improve balance sheet.
By Ko Min-suh
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]