Korea National Oil Corporation Formosa Notes Offering

July 16, 2018

Cleary Gottlieb represented SG Securities (HK) Limited, Taipei Branch, Crédit Agricole Corporate and Investment Bank, Taipei Branch, and HSBC Bank (Taiwan) Limited as joint bookrunners in a Reg. S offering of $400 million floating rate “Formosa” notes due 2023, by Korea National Oil Corporation (KNOC) under its $9 billion global medium-term note program.

The offering priced on June 27, 2018, and closed on July 16, 2018. The notes were dually listed on the Taipei Exchange and the Singapore Exchange.

KNOC was incorporated in 1979, under the Korea National Oil Corporation Act to serve as the executing body for oil-related policies of the Korean government. It is Korea’s largest oil and gas developer and is wholly owned by the Korean government.