Korea’s Largest Telecom in $600 Million Notes Offering

June 24, 2004

Cleary Gottlieb served as transaction counsel in a $600 million Reg. S/Rule 144A offering by KT Corporation of 5.875% notes due June 2014. JPMorgan, Deutsche Bank Securities, Goldman Sachs and Daiwa Securities SMBC Europe served as joint lead managers. The transaction, which closed today, was a takedown from KT’s $1 billion global medium term note program, which was established ton June 11 with JPMorgan acting as arranger. The Notes and program are listed on the Singapore Stock Exchange.

KT is the leading telecommunication service provider in Korea. As an integrated telecommunications service provider, KT’s principal services included fixed-line telephone services, broadband Internet access service and mobile telecommunications services.