Clifford Chance

Clifford Chance advises on four Korean Capital Market transactions totalling US$2.35 billion

Leading international law firm Clifford Chance has advised on three Global Medium Term Note (GMTN) issuances totalling US$1.95 billion and SK Telecom's US$400 million block trade of Posco shares over the past two months.

On the first GMTN transaction, Clifford Chance advised Citigroup Global Markets Inc. as arranger, and the dealers in the update of the US$5 billion GMTN programme for Korea Hydro & Nuclear Power Co., Ltd. and also advised Citigroup Global Markets Inc., Deutsche Bank AG, Singapore Branch, Goldman Sachs International, Merrill Lynch International and Samsung Securities Co., Ltd., as joint lead managers, on the issuance of US$750 million 3.000% senior notes due 2022 under the programme.

On the second, the firm advised the joint lead managers BNP Paribas, Crédit Agricole CIB, HSBC, Morgan Stanley and UBS, as US and UK counsel on the US$8 billion GMTN programme establishment of NongHyup Bank, and the subsequent issuance of US$500 million 5 year 2.25% notes due 2017 under the GMTN programme.

On the third, Clifford Chance advised the joint lead managers Barclays, BofA Merrill Lynch, Credit Suisse, Deutsche Bank, HSBC and UBS, as US and UK counsel on the US$3 billion GMTN programme establishment of SK Telecom, and the subsequent issuance of US$700 million 5.5 year 2.125% notes due 2018 under the GMTN programme.

The firm also acted for Morgan Stanley as placing agent on the block trade of 1.24 million Posco shares of SK Telecom which netted US$400 million.

Hyun Kim, Head of the Korea practice and partner in the Capital Markets team said, "We are pleased to have worked on these key Korean capital market transactions. The establishment of our office in Seoul certainly underlines our strategy to better serve our clients with their international needs, whether it be in capital markets, corporate M&A, financing or international arbitration."

Hyun led the team on all these transactions and was assisted by consultant Richard Lee and associate Heesug Chung on the Korea Hydro GMTN; Partner Matt Fairclough, consultant Richard Lee, senior associate James Booth, and associate Sonia Won on NongHyup Bank's GMTN and SK Telecom's GMTN; and associates Hosea Chang and Sonia Won on the SK Telecom block trade.