South Korea’s State Electricity Company Sells Bonds

Korea Electric Power Corp. (KEPCO), South Korea’s state electricity company, said Tuesday that it has raised US$ 700 million by selling dollar-denominated bonds to invest in overseas business projects.

The five-year, fixed-rate bonds were priced to yield 3.073 percent, or 180 basis points, more than similar U.S. government bonds, KEPCO said in an e-mailed statement. A basis point is 0.01 percentage point.

“The bonds were issued at the lowest rate among the five-year dollar-denominated bonds sold by other South Korean companies,” KEPCO said.

The proceeds from the debt sale will be used for spending on overseas business projects, KEPCO added. (PNA/Yonhap)

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