Leading Korean Shipping Company in $620 Million Public Offering
September 18, 2007
Cleary Gottlieb represented STX Pan Ocean Co., Ltd. in its Won 581 billion ($620 million) Korean common stock public offering, which included an international tranche for foreign investors. Samsung Securities and Goldman Sachs acted as joint international tranche coordinators for the deal, which priced on September 11 and closed on September 18.
STX Pan Ocean, an affiliate of Korean energy and trading company STX Corporation, is one of the premier shipping companies in Korea, with operations spanning the globe. It leads the Korean market in the dry bulk sector in terms of dead weight tonnage, and was ranked in the top ten globally in terms of the number of vessels in its dry bulk fleet.
Cleary Gottlieb previously represented STX Pan Ocean in its initial public offering of common stock in Singapore in 2005. Following the listing of STX Pan Ocean’s common shares on the Korea Exchange on September 21, STX Pan Ocean became the first company with common stock listed on both the Korea Exchange and the Singapore Stock Exchange.