Incumbent telco Korea Telecom Corp is planning a US dollar bond offering to repay existing debt maturing in the first half of 2012 and for general corporate purposes.
The company held non-deal investor meetings arranged by Citigroup, Goldman Sachs,…
Incumbent telco Korea Telecom Corp is planning a US dollar bond offering to repay existing debt maturing in the first half of 2012 and for general corporate purposes.
The company held non-deal investor meetings arranged by Citigroup, Goldman Sachs, and JP Morgan in recent days, according to the International Financing Review.
In a press release, Fitch Ratings said that “the bond’s rating is in line with KT Corp’s long-term foreign currency Issuer Default rating (IDR) of ‘A’, which as a stable outlook.
“The IDR reflects KT Corp’s position as a diversified telecommunications operator in South Korea, with leading market positions in the fixed-line and broadband businesses, and the second-largest market share in the wireless sector.”
The company was not immediately available for comment before the press deadline.
In mid-November, KT Corp was also planning a Swiss franc bond offering in order to refinance its existing debt.
The US dollar bond issue comes as the company may be close to acquiring a 20% in South African fixed-line operator Telkom, after the two companies recently entered deal talks.
