Korea Development Bank’s $1 Billion Offering

September 19, 2017

Cleary Gottlieb represented The Korea Development Bank (KDB) in its SEC-registered offering of $500 million floating-rate notes due 2020, $150 million floating-rate notes due 2022 and $350 million 2.750 percent notes due 2023.

The $150 million floating-rate notes due 2022 constitute a further issuance of, and are fungible with, consolidated and form a single series with, KDB’s $500 million floating-rate notes due 2022 issued on February 27, 2017. The transaction was a takedown from KDB’s shelf registration statement under Schedule B. The offering priced on September 12, 2017, and closed on September 19, 2017.

The notes were listed on the Singapore Exchange. Goldman Sachs International, KDB Asia, Mirae Asset Daewoo, Mizuho Securities, Morgan Stanley, Société Générale Corporate & Investment Banking and UBS were the joint bookrunnners for the offering.

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.