$300 Million Offering by Doosan Infracore and Korea Development Bank

November 21, 2016

Cleary Gottlieb represented Doosan Infracore Co., Ltd. and The Korea Development Bank in a Reg. S offering by DI of $300 million 2.375 percent notes due 2019, guaranteed by KDB.

The offering priced on November 15, 2016, and closed on November 21, 2016. The notes were listed on the Singapore Exchange. BofA Merrill Lynch, KDB and Standard Chartered Bank were the joint lead managers for the offering.

DI is Korea’s largest manufacturer of construction equipment and is among the top 10 construction equipment manufacturers in the world.  It is also a member company of the Doosan Group, which was founded in 1896 and ranked as the 16th-largest business group in Korea in terms of combined assets as of June 2016.

KDB was established in 1954 as a government-owned financial institution pursuant to the Korea Development Bank Act, as amended.  Since its establishment, KDB has been the leading bank in Korea with respect to the provision of long-term financing for projects designed to assist Korea’s economic growth and development.