Korea Development Bank plans offering of notes in four tranches

By William Gullotti

Buffalo, N.Y., Aug. 30 – Korea Development Bank is planning a four-tranche offering of fixed- and floating-rate notes in dollar and euro denominations, according to a 424B5 filing with the Securities and Exchange Commission.

The offering is broken up into two tranches of dollar-denominated fixed-rate notes, one tranche of dollar-denominated floating-rate notes and one tranche of euro-denominated fixed-rate notes.

The tranche of floaters will bear interest at SOFR plus a margin.

BofA Securities, Inc., Citigroup Global Markets Inc., Credit Agricole CIB, Credit Suisse (Hong Kong) Ltd., HSBC Ltd., ING Financial Markets LLC and KDB Asia Ltd. are the underwriters for the dollar-denominated tranches.

Merrill Lynch International, Citigroup Global Markets Ltd., Credit Agricole CIB, Credit Suisse (Hong Kong) Ltd., HSBC Ltd., ING Bank NV and KDB Asia Ltd. are the underwriters for the euro-denominated tranche.

The fiscal agent is Bank of New York Mellon.

Cleary Gottlieb Steen & Hamilton LLP and Lee & Ko are counsel to the issuer with Linklaters LLP as counsel to the underwriters.

All of the tranches are non-callable and will be listed on the Singapore Exchange.

Proceeds from the offering will be used for general operations, including extension of foreign currency loans and repayment of maturing debt.

The lender is based in Seoul, South Korea.

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