Korea Development Bank Offers $1.5 Billion Triple Tranche Notes

Cleary Gottlieb represented The Korea Development Bank in its SEC-registered offering of $500 million floating-rate notes due 2020, $500 million floating-rate notes due 2022 and $500 million 2.625 percent notes due 2022.

The transaction was a takedown from KDB’s shelf registration statement under Schedule B. The offering priced on February 21, 2017, and closed on February 27, 2017.

The notes were listed on the Singapore Exchange. ANZ Securities, BofA Merrill Lynch, Citigroup, COMMERZBANK, Crédit Agricole CIB, Credit Suisse and KDB Asia were the joint bookrunnners 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.