First Triple-Tranche Notes Offering from Korea

May 26, 2016

Cleary Gottlieb represented The Export-Import Bank of Korea (KEXIM) in its SEC-registered triple-tranche global offering of $500 million floating rate notes due 2019, $1 billion 1.750 percent notes due 2019 and $1 billion 2.625 percent notes due 2026.

The transaction was a takedown from KEXIM’s shelf registration statement under Schedule B and was the first triple-tranche notes offering by a Korean issuer. The offering priced on May 18, 2016, and closed on May 26.

KEXIM was established in 1976 as a special governmental financial institution pursuant to the Export-Import Bank of Korea Act to promote the sound development of the Korean economy and economic cooperation with foreign countries by extending the financial aid required for export and import transactions, overseas investment and the development of natural resources abroad.