Leading Korean Wireless Telecom in $332.5 Million Convertible Debt Offering

Cleary Gottlieb represented SK Telecom in its $332,528,000 Reg S offering of 1.75% convertible notes due 2014. The notes are convertible into common shares or American depositary shares of SK Telecom. SK Telecom’s common shares are listed on the Korea Exchange and its American depositary shares are listed on the New York Stock Exchange. The notes are listed on the Singapore Stock Exchange. Nomura, Barclays Capital, Citi and Credit Suisse were the joint bookrunners. The deal closed on April 7.

SK Telecom has the largest market share among providers of wireless telecommunications services and wireless data and Internet services in Korea.