Korean Air in $300 Million Offering

September 4, 2019

Cleary Gottlieb represented Korean Air Lines Co. Ltd. (Korean Air), as issuer, and The Korea Development Bank (KDB), as guarantor, in a Reg. S offering by Korean Air of $300 million 2% senior unsecured notes due 2022 guaranteed by KDB.

The offering priced on August 28, 2019, and closed on September 4, 2019. The notes were listed on the Singapore Exchange. Credit Suisse, KDB, and UBS were the joint lead managers for the offering.

Korean Air was incorporated in 1962 and is the leading airline in Korea and a major airline internationally, providing premium full-service passenger and air cargo services. It is one of the founding members of the SkyTeam alliance, a global alliance with 19 member airlines.

KDB was established in 1954 as a government-owned financial institution pursuant to the Korea Development Bank Act of 1953, 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.