Korea Gas Corporation in C$300 Million GMTN Takedown Representing First Canadian Maple Bond Offering by a Korean Issuer

May 12, 2011

Cleary Gottlieb served as U.S. counsel to Korea Gas Corporation in its Regulation S offering of C$300 million 4.580% Notes due 2016, which was a takedown from its US$3 billion Global Medium Term Note Program. HSBC Securities (Canada), Merrill Lynch Canada and Scotia Capital served as joint bookrunners and RBC Dominion Securities served as a co-manager in the transaction. The offering, which represents the first Canadian Maple bond offering by a Korean issuer, priced on May 3 and closed on May 12.

Korea Gas Corporation was incorporated in 1983 by the Korean government to facilitate the development of the natural gas industry in Korea. It is the largest importer of liquefied natural gas in the world and the only wholesale distributor of natural gas in Korea.