The Korea Development Bank in $1 Billion Offering

Cleary Gottlieb represented The Korea Development Bank (KDB) in its SEC-registered dual-tranche offering of $500 million floating-rate notes due 2022 and $500 million 2.125% notes due 2024.

The transaction was a takedown from KDB’s shelf registration statement under Schedule B. The offering priced on September 23, 2019, and closed on October 1, 2019.

The notes were listed on the Singapore Exchange. BofA Merrill Lynch, Credit Suisse, HSBC, KDB Asia, Mizuho Securities, and Standard Chartered Bank 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.