Korean oil refiner seeks to term out balance sheet

SK Corp has begun roadshows for its first fixed rate dollar offering.

Presentations for a $200 million to $300 million transaction began in Tokyo on Wednesday, moving to Hong Kong Thursday and Singapore today Friday. European presentations will kick off in Frankfurt on Monday, followed by London on Tuesday, with pricing scheduled for Wednesday.

Credit Suisse First Boston and Lehman Brothers are joint lead managers of the five year deal, which is expected to price at about 260bp to 270bp over Treasuries. Investors have been looking at LG Caltex as the most comparable benchmark and in particular its 7.875% July 2006 transaction, currently trading at a bidoffer spread of 240bp225bp over Treasuries.

Despite the fact that SK Corp ranks as...

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