Korea Development Bank in $850 Million Notes Offering

March 2, 2004

Cleary Gottlieb represented the Korea Development Bank (KDB) in its U.S. registered offering of $850 million of 3.875% notes due 2009.  The notes are listed on the Luxembourg Stock Exchange and registered with the U.S. Securities and Exchange Commission.  ABN AMRO, Citigroup and Deutsche Bank Securities 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 in providing long-term financing for projects designed to assist Korea’s economic growth and development.