LG.Philips in $1.7 Billion ADS Offering

July 26, 2005

Cleary Gottlieb represented LG.Philips LCD in a $1.7 billion offering of American Depository Shares. LG.Philips LCD sold $1.4 billion in primary ADSs, including $200 million in the underwriters’ overallotment option, and shareholder Koninklijke Philips Electronics N.V. sold $300 million in secondary ADSs in an SEC-registered offering. Philips Electronics and shareholder LG Electronics Inc. also sold $100 million and $400 million common shares, respectively, in a Korean domestic block trade. The transaction priced on July 21 and closed on July 26, with the overallotment option exercised in full on the closing date.

LG.Philips LCD is a leading manufacturer of thin film transistor liquid crystal, or TFT-LCD, displays used in televisions, monitors and notebooks. Morgan Stanley and UBS acted as joint global coordinators and joint bookrunners, while ABN AMRO Rothschild and Citigroup acted as joint bookrunners in the deal.