South Korea’s largest oil refiner SK Innovation Co. is readying dollar bond sales to refinance $350 million in 2013-issued notes maturing in August.

SK Innovation will hold a board meeting next week to approve the offering of five-year debt in the same scale of $350 million to pay off debt that had been priced 230 basis points above the five-year U.S. Treasury yield in August 2013.

Merrill Lynch, JP Morgan and Credit Agricole will lead-manage the sale.

The refiner expects better borrowing condition as its rating (by Moody’s) has been upgraded to Baa1 last year from Baa2 rating on the last issue.

Both its balance and income sheets have improved since then. The company has kept up operating income above 3 trillion won ($2.8 billion) for the last two years, and its debt ratio was lowered to 74.8 percent by the end of March compared with 84 percent in late 2015.

On Wednesday, shares of SK Innovation closed down 0.24 percent at 204,500 won from the previous session.

By Moon Il-ho and Lee Ha-yeon

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