Korea Development Bank plans offering of notes in two tranches

By Mary-Katherine Stinson

Lexington, Ky., Feb. 1 – Korea Development Bank (Aa2/AA/AA-) is planning a two-tranche offering of dollar-denominated fixed-rate notes, according to a 424B5 filing with the Securities and Exchange Commission and more information from a market source.

The two tranches are expected to have a three-year tenor and a five-year tenor.

Both tranches are non-callable and will be listed on the Singapore Exchange and the euro MTF market of the Luxembourg Stock Exchange.

Citigroup Global Markets Ltd., HSBC, ING Financial Markets LLC, KB Securities Co., Ltd., KDB Asia Ltd., MUFG Securities Asia Ltd. and Societe Generale are the joint bookrunners and lead managers.

KDB Asia and KB Securities have agreed to only sell the securities outside of the United States to non-U.S. persons.

In the roadshow presentation, the issuer will give an update to investors on its transition plan into SSA markets.

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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