UNDERWRITERS OFFER $250 MILLION 7.50 PERCENT BONDS OF POHANG IRON & STEEL CO., LTD.
UNDERWRITERS OFFER $250 MILLION 7.50 PERCENT BONDS OF POHANG IRON & STEEL CO., LTD. NEW YORK, July 31 /PRNewswire/ -- Goldman, Sachs & Co., Lehman Brothers, Merrill Lynch & Co., Salomon Brothers Inc and Daishin Securities Co., Ltd., as managers of the underwriting group, has announced the public offering of $250 million of POSCO 7.50 percent bonds due Aug. 1, 2002. The bonds are unsecured and unsubordinated obligations of Pohang Iron & Steel Co., Ltd., and are rated A2 by Moody's Investors Service and A+ by Standard & Poor's Corporation. The bonds are priced at 99.369 percent. The net proceeds from the offering will be used by POSCO to pay maturing installments of various non-Won denominated long-term debt and equipment supplier credits payable within one year. POSCO is the largest steel producer in Korea and the third largest in the world based on annual crude steel production at the end of 1991. Among companies listed on the Korea Stock Exchange, POSCO was the fourth largest company in terms of sales and the second largest in terms of market capitalization in 1991. This offering will be POSCO's first public Yankee issue. -0- 7/31/92 /CONTACT: Barbara Hynes of Gavin Anderson, 212-921-1060, for Pohang Iron & Steel Co/ CO: Pohang Iron & Steel Co. Ltd. ST: IN: MNG SU: OFR
LR -- NY022 -- 5514 07/31/92 10:32 EDT
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|Date:||Jul 31, 1992|
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