The Korea Development Bank in $2 Billion Notes Offering

January 23, 2009

Cleary Gottlieb represented The Korea Development Bank in its SEC-registered offering of $2 billion 8.0% notes due 2014. The transaction was a takedown from KDB’s shelf registration statement under Schedule B. The deal closed on January 23.

The notes were listed on the Singapore Stock Exchange. BNP Paribas, Deutsche Bank, HSBC, Merrill Lynch and Royal Bank of Scotland were the joint lead managers and bookrunners 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.