$500 Million Offering by Heungkuk Life Insurance

December 4, 2017

Cleary Gottlieb represented Heungkuk Life Insurance in a $500 million offering of 4.475 percent subordinated capital securities under Regulation S.

J.P. Morgan and Nomura served as joint bookrunners and joint lead managers for the offering, which closed on November 9, 2017.

The offering, which was Heungkuk Life Insurance’s inaugural cross-border securities offering, constituted the second international offering of hybrid securities recognized as regulatory capital by a Korean life insurance company and the second consecutive such offering in which Cleary served as the issuer’s counsel.

Heungkuk Life Insurance is a mid-sized life insurance company in Korea and has the most longstanding brand name in the Korean life insurance industry. It offers a comprehensive range of life insurance and investment products to retail and institutional customers through a multi-channel distribution and marketing platform. It also offers a broad range of property and casualty insurance products through its consolidated subsidiary, Heungkuk Fire & Marine Insurance.