Bloomberg News

Korea Exchange Bank One-Year Loan Said to Attract Citigroup

February 24, 2012

(Updates with the names of other banks from third paragraph.)

Feb. 24 (Bloomberg) -- Citigroup Inc. is joining a loan for Korea Exchange Bank of at least $250 million-equivalent, according to three people familiar with the matter.

The loan, which is denominated in U.S. dollars and yen, may be increased from the original target of $250 million-equivalent because Citigroup has joined, one of the people said, asking not to be identified because the details are private.

Australia & New Zealand Banking Group Ltd., Bank of America Corp., Commerzbank AG, HSBC Holdings Plc, Landesbank Baden- Wuerttemberg, Standard Chartered Plc, Mizuho Corporate Bank Ltd., Sumitomo Mitsui Banking Corp. and Wells Fargo & Co. are also lending to the one-year club facility, another person familiar with the matter said on Feb. 20.

The loan pays an all-in rate, which includes margin and fees, of about 150 basis points over the London interbank offered rate for the dollar portion, the person said. Proceeds will be used in part to refinance previous debt, the person said.

--Editor: Katrina Nicholas

To contact the reporter on this story: Wendy Mock in Hong Kong at wmock3@bloomberg.net

To contact the editor responsible for this story: Shelley Smith at ssmith118@bloomberg.net


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