Lotte Property & Development’s $300 Million Offering

Cleary Gottlieb represented Kookmin Bank, as guarantor, in an offering by Lotte Property & Development Co. Ltd. of $300 million unconditionally and irrevocably guaranteed senior unsecured sustainability notes due 2022.

The notes were listed on the Singapore Stock Exchange. The offering priced on July 30, 2019, and closed on August 6, 2019. HSBC, Mizuho Securities, Nomura, and Standard Chartered Bank were the joint global coordinators and joint bookrunners, and KB Securities Hong Kong Limited was a co-manager.

Kookmin Bank is one of the largest commercial banks in Korea in terms of total assets (including loans), and it provides credit and related financial services to individuals, small- and medium-sized enterprises, and large corporate customers. It also provides a full range of deposit products and related services to both individuals and enterprises of all sizes.