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BKL Advises K Water Resources Corporation on the Issuance of US$300 Million 3.875% Notes Due 2023 Under US$2 Billion EMTN Programme

2018-05-31

BKL advised Korea Water Resources Corporation (the “K-water”) on the update of its US$2,000,000,000 Euro-Medium Term Note Programme (the “Programme”) on March 23, 2018 and its issuance of the U.S.$300,000,000 3.875% Notes due 2023 (the “Notes”) thereunder on May 15, 2018. The Notes were listed on the Singapore Exchange Securities Trading Limited.


The Notes attracted strong interest from investors as the first ‘water bond’ out of Asia and the first ‘green bond’ issued by a Korean public enterprise other than a financial public enterprise. The Notes were the first foreign bonds issued by a Korean company after the inter-Korean Summit. Despite reducing investment demand for Korean bonds due to recent US interest rate hikes and US-China trade dispute, this transaction was considered to be a successful issuance with the final forecast demand exceeding US$1.8 billion, which was six times the target demand, during the bookbuilding process.


Meanwhile, BNP Paribas, Citigroup Global Markets Limited, Crédit Agricole Corporate and Investment Bank and Société Générale acted as managers for the offering of the Notes.


BKL, acting as sole Korean legal counsel, provided overall Korean legal advice throughout the update of the Programme and the issuance of the Notes, including reviewing and advising on the offering circular, relevant agreements and other documents and issuing legal opinions. The BKL team included partners Young-Joon CHO and Hee-Gang SHIN as well as associates Youngjin HA and Jung Won Hwang and foreign attorney (State of New York) Heesug CHUNG. BKL contributed to the successful completion of the transaction by addressing various legal issues in an efficient, proactive, and timely manner.

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