Seoul-based Korea South-East Power Co., with over KRW2.941 trillion (USD2.47 billion) in assets, recently entered a cross-currency interest rate swap on the back of a USD150 million Eurobond offering. H.K. Lee, manager in the financing department, said the entire fixed rate issue was converted into won at a different fixed rate level, declining to comment on specific rates. The proceeds of the Eurobond, KOSEP's first, will go toward general corporate expenditures, explained Lee.
Credit Suisse First Boston was the counterparty on the swap and the lead manager on the bond. Lee said that CSFB won the mandate on the basis of pricing. Josephine Lee, spokeswoman at CSFB, did not respond to messages.
