Doosan Infracore and The Korea Development Bank in $300 Million Offering

July 21, 2020

Cleary Gottlieb represented Doosan Infracore Co. Ltd. (DI) and The Korea Development Bank (KDB) in a Reg. S offering by DI of $300 million 1% notes due 2023, guaranteed by KDB.

The offering priced on July 14, 2020, and closed on July 21, 2020. The notes were listed on the Singapore Exchange. KDB, Nomura, Standard Chartered Bank, and UBS 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 15th largest business group in Korea in terms of combined assets as of December 31, 2019.

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.