SK Corp mandates SK Telecom exchangeable

The Korean oil refiner hopes to raise up to $2 billion in what will mark the largest ever equity-linked offering to emerge from the Republic of Korea.

Having sent out a 24 hour Request For Proposals RFP two weeks ago, Credit Suisse First Boston and Goldman Sachs have emerged as the winners of a transaction which will easily surpass the existing record held by KDICKepco's $1.001 billion exchangeable.

The deal is provisionally being targeted for February 2002 and observers believe that Goldman is likely to run the books along with CSFB. The appointment of neither bank is much of surprise, despite the outward appearance of a bidding contest. Goldman, for example, led SK Telecom's New York listing in 1996 and CSFB recently completed a $250 million Eurobond for the parent, which marked the first dollar bond offering by...

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