Korea's Woori Bank begins exchange offer for 5.75% subordinated notes

By Angela McDaniels

Tacoma, Wash., June 11 - Woori Bank is offering to issue new 7.63% lower tier 2 subordinated notes due April 14, 2015 in exchange for its $400 million 5.75% (reset to 6.025%) lower tier 2 subordinated notes due 2014, according to a bank news release.

The bank will issue $1,000 principal of new notes for every $1,000 principal amount of old notes exchanged. It will also pay accrued interest up to but excluding the settlement date, which is expected to be July 14.

Holders must tender at least $100,000 principal amount of notes in order to participate.

The exchange offer will expire at 11:59 p.m. ET on July 9.

The coupon was reset after the bank elected not to redeem the old notes, which had a March 13 call date.

The offer is only being made to residents of South Korea and to non-residents of South Korea who are either qualified institutional buyers, as defined in Rule 144A under the U.S. Securities Act, or non-U.S. persons, as defined in Rule 902 under the Securities Act, located in Germany, Hong Kong, Luxembourg, Singapore, Switzerland or the United Kingdom.

The information agent is Bondholder Communications Group (e-mail wbaker@bondcom.com or call +44 (0)20 7382 4580 in London or 212 809-2663 in New York).

Woori Bank is a financial institution based in Seoul, South Korea.

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