SEOUL: Korea Expressway Corporation has raised US$500 Million by selling global bonds to help finance the construction of new highways, the company announced Wednesday, according to (Yonhap) news agency.
The 1.96%t five-year debt was priced to yield 130 basis points more than similar-maturity US Treasuries, according to the public company. A basis point is 0.01 percentage point.
The dollar-denominated bond with a coupon rate of 1.875% is the lowest rate among global bonds with a five-year maturity sold by South Korean companies since 2008, Korea Expressway said.
Korea Expressway said the bonds attracted investments of $3.25 Billion, more than six times the planned figure. The company said the proceeds from the debt sale will also be used to pay back maturing bonds. (QNA)
