Clifford Chance has played a key role in three Global Medium-Term Note (GMTN) offerings in Korea, valued at $1.95 billion, and SK Telecom’s $400 million block trade of Posco shares.
This latest string of successful transactions comes on the heels of the firm’s recent opening of an office in Seoul, following the ratification of a free trade agreement between South Korea and the EU. Clifford Chance is the first British law firm to establish an office in Korea.
On the first GMTN deal, Clifford Chance advised on the update of a $5 billion GMTN programme for Korea Hydro & Nuclear Power Co. The firm represented joint lead managers Deutsche Bank, Citigroup Global Markets, Goldman Sachs International, Merrill Lynch International and Samsung Securities on the issuance of $750 million 3 percent senior notes due 2022 under the programme.
On the second transaction, the firm advised joint lead managers BNP Paribas, Credit Agricole CIB, HSBC, Morgan Stanley and UBS on NongHyup Bank’s $8 billion GMTN programme, and the subsequent issuance of $500 million 2.25 percent notes due 2017.
On the third deal, Clifford Chance advised Barclays, Bank of America Merrill Lynch, Credit Suisse, Deutsche Bank, HSC and UBS on SK Telecom’s issuance of $700 million 5.5-year 2.125 percent notes due 2018 under its $3 billion GMTN programme.
Lastly, the firm acted for Morgan Stanley as placing agent on SK Telecom’s block trade of 1.24 million Posco shares, totalling $400 million.
Capital markets partner and Korea practice head Hyun Kim led the Clifford Chance team on all four transactions. Partner Matthew Fairclough assisted Kim on NongHyup Bank and SK Telecom’s GMTN issuances.
“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,” said Kim in a statement.
Kanishk Verghese is North Asia journalist at ALB. Follow us on Twitter: @ALB_Magazine.
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