Under the lead management of Deutsche Bank and JPMorgan, roadshows for a $200 million to $250 million five-year Reg S bond issue will begin next Wednesday in Hong Kong. Presentations will then move to Singapore, Frankfurt and London, before targeted pricing on either January 22 or 23. Samsung Securities is co-manager.
The A-Baa2 rated group is being positioned as the natural successor to Kepco, which has long provided corporate Korea's main pricing benchmark. The ongoing privatization of the Korean electricity industry means that Kepco will soon become a transmission and distribution utility with small working capital requirements. Proceeds from the sale of its gencos will, therefore, be used to pay down...
