LG.Philips LCD in $550 Million Convertible Bond Offering

April 18, 2007

Cleary Gottlieb represented LG.Philips LCD Co., Ltd. in a $550 million Reg S offering of zero coupon convertible bonds due 2012. Morgan Stanley was the sole global coordinator and bookrunner for the transaction. The offering, including full exercise of the initial purchasers’ over-allotment option, closed on April 18.

The bonds are listed on the Singapore Stock Exchange, and are convertible into LG.Philips LCD’s common shares, which are listed on the Stock Market Division of the Korea Exchange.

LG.Philips LCD is a leading manufacturer and supplier of thin-film transistor liquid crystal display panels, formed in 1999 as a 50-50 joint venture between LG Electronics and Philips Electronics. In July 2004, Cleary Gottlieb represented LG.Philips LCD in a $1 billion initial public offering of common stock and American Depositary Shares on the Korea Exchange and New York Stock Exchange.