Kepco monetizes Powercomm stake

Electricity utility divests Powercomm shares through pre-IPO exchangeable.

Korean electricity utility Kepco priced a $250 million exchangeable yesterday Thursday that will potentially monetize about half of its 43% stake in the country's second largest fixed line carrier, Powercomm. With ING and Good Morning Securities as lead managers, the deal was modelled on the Korean government's successful exchangeable of November 2001 - Korea Deposit Insurance Corporation KDIC into Cho Hung and Woori Banks.

Terms for the new deal comprise a five-year maturity and issue price of par...

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