KoRes overcomes downgrade warning to raise $500m

palace korea px230
By Narae Kim
14 Apr 2016

Appetite for Korea Resources Corp’s offshore outing on Monday was strong despite Moody’s recent decision to review its rating for a downgrade. Not only was the issuer able to increase the bond’s size to $500m but it also found a high quality order book.

Aiming to raise $300m from a Reg S only deal in the second quarter, the Aa2/A+ rated state-owned borrower mandated joint bookrunners Bank of America Merrill Lynch, BNP Paribas, Citi and HSBC in early March. 

However, the energy and resources group faced headwinds when Moody's said last month that ...

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