Korea National Oil Corporation in $1 Billion Global Medium Term Note Takedown

Cleary Gottlieb represented Barclays, HSBC, Korea Development Bank, Merrill Lynch International and The Royal Bank of Scotland, as joint bookrunners and joint lead managers, in a Rule 144A/Reg S offering of $1 billion 4.00% notes due 2016 by Korea National Oil Corporation under its $6 billion Global Medium Term Note Programme. The notes were listed on the Singapore Exchange. The offering priced on October 19 and closed on October 27, 2011.

Korea National Oil Corporation 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.