Cleary Gottlieb has extensive experience in a wide variety of public and private sector transactions involving Korea. The firm assists Korean clients with their capital raising, overseas investment and other activities and assists non-Korean clients in direct investment in Korea. These transactions often require advice with respect to a variety of issues, including finance, corporate governance, tax and disclosure of information.
Read More »
Nov 09, 2012
Cleary Gottlieb represented CJ HelloVision Co., Ltd. and the selling shareholders in CJ HelloVision’s Won 293 billion (approximately $267 million) IPO of common shares. J.P. Morgan, Daewoo Securities and HI Investment & Securities served as joint global coordinators and joint bookrunners and IBK Securities served as co-lead manager. The shares were sold through a public offering in Korea and a Rule 144A/Reg. S offering elsewhere. The deal priced on October 29 and closed on November 5. The shares began trading on the KRX KOSPI Market of the Korea Exchange on November 9.
CJ HelloVision is the largest provider of cable television services in Korea.
Nov 20, 2012
Cleary Gottlieb represented The Export-Import Bank of Korea in its SEC-registered offering of US$1 billion 1.25% notes due 2015. The transaction was a takedown from KEXIM's shelf registration statement under Schedule B. The offering priced November 14, 2012 and closed on November 20, 2012.
The notes were listed on the Singapore Exchange. Deutsche Bank, Goldman Sachs International, J.P. Morgan, Morgan Stanley and UBS were the joint bookrunners and lead managers for the offering.
KEXIM was established in 1976 as a special governmental financial institution pursuant to the Export-Import Bank of Korea Act to promote the sound development of the Korean economy and economic cooperation with foreign countries by extending the financial aid required for export and import transactions, overseas investment and the development of natural resources abroad.
Feb 27, 2013
Cleary Gottlieb represented The Export-Import Bank of Korea in its SEC-registered offering of US $500 million 1.750% notes due 2018. The transaction was a takedown from KEXIM’s shelf registration statement under Schedule B and represented the first “Green Bond” issuance by a Korean issuer. KEXIM will use the net proceeds from the sale of the notes to support projects that promote the transition to low-carbon and climate resilient growth. The offering priced February 20, 2013 and closed on February 27, 2013.
The notes were listed on the Singapore Exchange. BofA Merrill Lynch and SEB Enskilda were the joint bookrunners and lead managers for the offering.
KEXIM was established in 1976 as a special governmental financial institution pursuant to the Export-Import Bank of Korea Act to promote the sound development of the Korean economy and economic cooperation with foreign countries by extending the financial aid required for export and import transactions, overseas investment and the development of natural resources abroad.
Nov 01, 2012
Cleary Gottlieb represented SK Telecom in its Rule 144A/Reg S offering of $700 million 2.125% notes due 2018 under its $3 billion Global Medium Term Note Programme. The notes are listed on the Singapore Exchange. Barclays, BofA Merrill Lynch, Credit Suisse, Deutsche Bank, HSBC and UBS were the joint bookrunners and joint lead managers. The offering priced on October 24 and closed on November 1.
SK Telecom is a leading wireless telecommunications services and wireless data and Internet services provider in Korea. SK Telecom’s common shares are listed on the Korea Exchange and its American depositary shares are listed on the New York Stock Exchange.
Feb 05, 2013
Cleary Gottlieb represented Barclays, BofA Merrill Lynch, Credit Agricole CIB, HSBC and Standard Chartered Bank as joint bookrunners and joint lead managers in a Rule 144A/Reg S offering by Hana Bank of $500 million 1.375% notes due 2016 under its $6 billion Global Medium Term Note Programme. The closing took place on February 5.
Hana Bank is the flagship bank of Hana Financial Group, one of the largest financial holding companies in Korea. Founded in June 1971 as Korea’s first short-term finance and investment company, Hana Bank provides a wide range of products and services to its customers, which include large corporations, small- and medium-sized enterprises and individuals.
Jan 24, 2013
Cleary Gottlieb represented Lotte Shopping Co. in its Reg S offering of Won 321.2 billion U.S. Dollar-settled zero coupon exchangeable bonds due 2018. The bonds are listed on the Singapore Stock Exchange. BofA Merrill Lynch, Citigroup, Goldman Sachs, HSBC, Nomura and UBS served as joint bookrunners and joint lead managers for the offering, which closed on January 24.
Lotte Shopping is one of the leading retail companies in Korea, with an expanding overseas presence, and operates the largest department store chain in Korea as well as discount stores in Korea and in overseas markets.
Sep 24, 2012
Cleary Gottlieb represented Korea Finance Corporation in its SEC-registered offering of $300 million 2.25% notes due 2017 in a takedown from its shelf registration statement under Schedule B. The transaction was a reopening of KoFC’s $500 million 2.25% notes due 2017 issued on August 7, 2012. The notes were listed on the Singapore Exchange. Citigroup, Credit Suisse and UBS were the joint bookrunners for the offering. The deal closed on September 24, 2012.
KoFC was established in October 2009 as a government-owned policy finance institution pursuant to the Korea Finance Corporation Act in order to strengthen national competitiveness, to promote job growth in Korea, and to contribute to the sound growth of the financial markets and the national economy of Korea.
Sep 14, 2012
Cleary represented The Korea Development Bank in its SEC-registered offering of $750 million 3.000% notes due 2022. The transaction was a takedown from KDB’s shelf registration statement under Schedule B. The deal closed on September 14.
The notes were listed on the Singapore Exchange. Credit Suisse, HSBC, J.P. Morgan, KDB Asia, Morgan Stanley and The Royal Bank of Scotland were the joint lead managers and bookrunners for the offering.
KDB was established in 1954 as a government-owned financial institution pursuant to the Korea Development Bank Act, as amended. Since its establishment, KDB has been the leading bank in Korea with respect to the provision of long-term financing for projects designed to assist Korea’s economic growth and development.
Apr 10, 2012
Cleary Gottlieb represented Samsung Electronics and its wholly-owned subsidiary Samsung Electronics America in Samsung Electronics America’s Rule 144A/Regulation S offering of $1 billion of 1.75% notes due 2017 guaranteed by Samsung Electronics. The notes are listed on the Singapore Stock Exchange. The transaction, which was Samsung Electronics’ first offering in the international capital markets in 15 years, priced on April 2 and closed on April 10.
Samsung Electronics is a global leader in the electronics and information technology industries. It designs, manufactures and sells a wide range of consumer electronics products, mobile communications devices, information technology solutions and home appliances to retail and commercial customers, as well as semiconductor products, display panels, telecommunications systems and other high-technology components and systems to industrial customers around the world.
Dec 22, 2011
Cleary Gottlieb represented BofA Merrill Lynch as underwriter in a Reg. S offering by POSCO of ¥15 billion 2.7% Notes due 2021. The notes were listed on the Singapore Stock Exchange. The offering closed on December 22, 2011.
POSCO is the largest fully integrated steel producer in Korea and one of the largest steel producers in the world.
Jun 29, 2011
Cleary Gottlieb represented Hi-mart Co. and the selling shareholders in Hi-mart’s Won 420 billion (approximately $385 million) IPO of common shares. Citi served as joint international bookrunner and Daewoo Securities Co. served as joint international and sole domestic bookrunner. The shares were sold through a public offering in Korea and a Rule 144A/Reg. S offering elsewhere. The deal priced on June 17 and closed on June 24. The shares began trading on the KRX KOSPI Market of the Korea Exchange on June 29.
Hi-mart is the largest consumer electronics retailer in Korea.
Apr 23, 2010
Cleary Gottlieb represented Samsung Life Insurance in its $4.4 billion initial public offering, the largest IPO ever by a Korean company. Goldman Sachs, Bank of America Merrill Lynch and Morgan Stanley were joint bookrunners for the international tranche of the offering. The IPO priced near the high end of the expected price range on April 23, and the common shares will begin trading on the KRX KOSPI Market of the Korea Exchange on May 12.
Samsung Life Insurance is the leading life insurance company in Korea and is one of the flagship companies of the Samsung Group, which is the largest business group in Korea. The company provided coverage to 12.6 million individuals as of December 31, 2009, representing approximately 26% of the Korean population. As of the pricing date, the company would rank sixth in terms of market capitalization among companies listed on the Korea Exchange.
South Korea Capital Markets Deal
(Samsung's $1 billion 5-year bond)
International Financing Review (2013)
Best Korea Deal of the Year
(Samsung's $1 billion 5-year bond)
FinanceAsia (2012)
Best Korean Deal of the Year
(Samsung Life Insurance's $4.4 billion IPO)
Asian-MENA Counsel (2011), Macallan ALB Hong Kong Awards (2011), FinanceAsia (2010)
Korea Equity Capital Markets Deal of the Year
(SK Telecom-Hanaro Telecom $1.2 billion share sale and acquisition)
Asian Legal Business (2009)
Best Korean Deal of the Year
(SK Telecom’s $300 million convertible bond offering)
FinanceAsia (2009)
Best Sovereign Bond of the Year
(Republic of Korea’s $3 billion dual tranche issue)
FinanceAsia (2009)
“This impressive US group is a strong competitor in the debt and equity markets in the region, primarily known for its high-quality work in South Korea..."
Chambers Global (2013)
“This American firm garners tremendous respect from sources for its transactional abilities, and its presence in Asia has recently been strengthened with the opening of a new office in Seoul. Sources say: ‘We have tremendous respect for the team, we think they are top notch.’”
Chambers Asia (2013)
“‘They stand out as issuers’ counsel, especially for Korean entities.’”
Chambers Global (2012)
“Widely admired for its dominance in the capital markets arena, this practice has one of the largest Korea-dedicated teams of any international firm. Sources say: ‘Professional, swift and focused.’ ‘They have one of the best teams going: smart and approachable, and their judgement is outstanding.’”
Chambers Asia (2012)
Sources say: ‘The most sought after, with the deepest bench and most resources. The firm is clearly the leader and a force in capital markets.’”
Chambers Asia (2011)
“Cleary has cemented” its position in Korea “into the sort of law firm market leadership, especially in capital markets, that exists nowhere else in ultracompetitive Asia.”
The Asian Lawyer (2011)
“‘They are in a class of their own,’ says one rival of Cleary Gottlieb Steen & Hamilton. ... ‘They have the biggest bench - partners and another dozen lawyers who are Korean speakers, so it's difficult to amass that kind of bench unless you have very strong relationships. They build a reputation for having the resources and for having the most deals.’”
IFLR 1000 (2011)
|
|