Korea Development Bank in $550 Million Debt Offering

October 20, 2004

Cleary Gottlieb represented the Korea Development Bank in its $550 million offering of floating rate notes due 2009. The notes are listed on the Luxembourg Stock Exchange and registered with the Securities and Exchange Commission. Morgan Stanley and Goldman Sachs were the joint lead managers and bookrunners for the notes offering, which closed today.

KDB was established in 1954 as a government-owned financial institution pursuant to the Korea Development Bank Act. 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.