KorAm Bank launches $150 million loan

The deal is the first debt financing for Koram Bank since its recent rating upgrades.

The six banks mandated for a $150 million one-year loan for KorAm Bank launched the transaction yesterday Tuesday. CitibankSSB, Commerzbank, Sumitomo Mitsui Banking Corporation and Standard Chartered are the book-runners for the deal, while DBS and Natexis Banque Populaires make up the rest of the mandated group. The deal was launched into general syndication, which is expected to close on September 16.

The deal pays a spread of 15bp over Libor, half of the 30bp margin that KorAm paid on a similar sized deal of like maturity when it tapped the markets last September. The proceeds from the current transaction will go toward repayment of last year's loan that matures...

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