Hynix Semiconductor in First Korean High Yield Offering this Year

June 27, 2007

Cleary Gottlieb represented Hynix Semiconductor Inc. in a Rule 144A/Reg. S issuance of $500 million of 7.875% senior notes due 2017, the first high yield offering by a Korean company since January 2006. The notes are listed on the Singapore Stock Exchange. Citigroup, Credit Suisse, Goldman Sachs International, Korea Development Bank and Merrill Lynch & Co. led the deal, which priced on June 20 and closed on June 27.

Hynix Semiconductor is a leading memory semiconductor company that designs, manufactures and sells advanced memory semiconductor products. The company is one of the world’s largest manufacturers of DRAM, the most widely used memory chip in the electronics industry. Hynix Semiconductor is ranked number two globally based on DRAM revenues, with a worldwide market share of 22.2% in the first quarter of 2007. The company is also the third largest provider of NAND flash memory in terms of revenue, with a worldwide market share of 14.3% in the first quarter of 2007.