Kepco completes first step of Asia's largest liability management exercise

The Korean electricity utility receives court approval for its consent solicitation covering $2.95 billion of its dollar debt.

The first stage of a comprehensive liability management exercise covering all of Kepco's domestic and international debt was completed this week, when the Korean courts approved a consent solicitation for eight Yankee bonds. This means Kepco can now introduce a streamlined covenants package across its outstanding Yankee bonds and remove clauses covering joint and several liabilities.

For lead managers Credit Suisse First Boston and Lehman Brothers, completion also rank as a minor coup since the two were able...

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