The Korea Development Bank in $1.5 Billion Offering

February 18, 2020

Cleary Gottlieb represented The Korea Development Bank (KDB) in its SEC-registered dual-tranche offering of $750 million floating-rate notes due 2023 and $750 million 1.75% notes due 2025.

The transaction was a takedown from KDB’s shelf registration statement under Schedule B. The offering priced on February 10, 2020, and closed on February 18, 2020.

The notes were listed on the Singapore Exchange. BNP Paribas, Citigroup, Goldman Sachs International, J.P. Morgan, KDB Asia, and UBS were the joint bookrunnners and lead managers for the offering.

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