SSB/Citi launches $100 million deal for Sun Metals

Pricing comes close to Korea Zinc''s $30 million club deal also arranged by SSB/Citi last month.

SSBCiti has launched a $100 million three-year term notes facility into general syndication for Sun Metals. Sun Metals is the wholly-owned Australian subsidiary of Korea Zinc, the guarantor for the bullet deal.

The deal is priced at a spread of 85bp over Libor. Proceeds will be used for general working capital requirements and refinancing of a loan-style FRN maturing in September. In 1997, Sun Metals raised $120 million through a five-year deal, which priced at 65bp over Libor, stepping up to 80bp after September 2000. That deal was guaranteed by Korea Long Term Credit Bank, which is why Sun Metals was able to achieve tight pricing.

Pricing for the current deal comes close to...

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