Simpson Thacher Represents Initial Purchasers in US$300 Million Hybrid Securities Offering by SK E&S Co.
12.04.14
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Simpson Thacher represented Barclays Bank PLC, Citigroup Global Markets Inc., Goldman Sachs International, J.P. Morgan Securities plc and UBS AG, Hong Kong Branch, as initial purchasers, in connection with the offering of US$300 million Subordinated Capital Securities by SK E&S Co., Ltd. The transaction marked the first standalone corporate hybrid securities offering in Korea and the first offshore securities offering by SK E&S.
The offering was conducted in reliance upon Rule 144A and Regulation S under the Securities Act of 1933, as amended. The securities will pay a fixed rate of interest of 4.875% for the first five years, with a rate reset every five years thereafter.
SK E&S, a member company of the SK Group, is an integrated gas and power company in Korea with operations across the liquefied natural gas value chain.
The Simpson Thacher team for the transaction included Jin-Hyuk Park and Iksoo Kim (Corporate); and Jonathan Cantor and Sophie Staples (Tax).