Korea Development Bank plans offering of notes in four tranches

By Mary-Katherine Stinson

Lexington, Ky., Oct. 13 – Korea Development Bank is planning a four-tranche offering of dollar-denominated fixed- and floating-rate notes, according to a 424B5 filing with the Securities and Exchange Commission.

The offering is broken up into three tranches of fixed-rate notes (Cusips: 500630DZ8, 500630EA2, 500630EB0) and one tranche of floating-rate notes (Cusip: 500630DY1).

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

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

BofA Securities, Inc., Credit Agricole CIB, HSBC Ltd., J.P. Morgan Securities plc, KDB Asia Ltd., Mizuho Securities USA LLC and UBS AG Hong Kong Branch are the joint bookrunners and lead managers.

Hana Securities Co., Ltd. and Kexim Asia Ltd. are co-managers. KDB Asia, Hana Securities and Kexim have agreed to only sell the securities outside of the United States to non-U.S. persons.

The fiscal agent is Bank of New York Mellon.

Cleary Gottlieb Steen & Hamilton LLP and Shin & Kim LLC are counsel to the issuer with Linklaters LLP as counsel to the underwriters.

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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