Cleary Gottlieb represented Woori Bank in an offer to exchange its new 7.63% Lower Tier II Subordinated Notes due 2015 for any and all outstanding $400 million 5.75% (reset to 6.025%) Lower Tier II Subordinated Notes due 2014. The offer commenced on June 11, expired on July 9 and settled on July 14.
Holders of the old notes were offered, for each $1,000 principal amount of old notes, $1,000 principal amount of new notes. The exchange offer was registered in Korea and was made to qualified institutional buyers and certain non-U.S. persons. A total of $389,171,000 of old notes were tendered in the exchange offer.
Woori Bank is the flagship bank of Woori Finance Holdings, whose shares are listed on NYSE. It is the second-largest commercial bank in Korea in terms of total loans and assets and provides a wide range of products and services to a broad spectrum of customers.
