Doosan Infracore announces amendment effective date for consent solicitations

Chicago, July 8 – Doosan Infracore Co. Ltd. concluded its consent solicitation on July 1, as the conditions had been satisfied.

The issuer was soliciting consents relating to its $300 million outstanding 2¼% guaranteed senior notes due 2022 guaranteed by Korea Development Bank (ISIN: XS2078374159) and the $300 million outstanding 1% guaranteed senior notes due 2023 also guaranteed by Korea Development Bank (ISIN: XS2201951477).

The background for the solicitation was that the company intended to spin off its non-operating business, including the assets, liabilities and contractual relations of the non-operating business, and then merged with and into Doosan Heavy Industries & Construction Co., Ltd.

Accordingly, Doosan was requesting noteholders approve some proposed amendments and waivers as part of the merger.

The company previously reported on April 16 that the extraordinary resolutions had passed at the noteholder meetings.

Amendments and waivers

Doosan was asking noteholders to approve the substitution of Doosan Heavy as issuer on the notes and release Doosan Infracore from all obligations and liabilities on the notes.

Additionally, the company was seeking approval for waiver and authorization of any breach by the threat of the merger or the proposed amendments.

Details

A consent fee was being offered to noteholders who deliver a valid consent instruction in favor of the extraordinary resolution of 0.15% of the principal amount of notes that are subject to the consent instruction. For U.S. noteholders, an equivalent amount will be paid, but it will not be paid as a consent fee.

The payment date was expected for July 1, at the earliest. The July 1 payment date occurred.

Solicitation agents for the offer are HSBC (+852 3941 0223, +44 20 7992 6237, liability.management@hsbcib.com), Korea Development Bank (+822 787 6641/6621) and Standard Chartered Bank (+44 20 7885 5739, +852 3983 8658, +65 6557 8286, liability_management@sc.com).

Morrow Sodali Ltd. is the information and tabulation agent (+44 20 8089 3287, +852 2319 4130, doosan@investor.morrowsodali.com, https://bonds.morrowsodali.com/doosan).

Doosan is a lender based in Seoul, South Korea.

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