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BKL Advised LG Display on its issuance of US$687,800,000 1.5% Convertible Bonds due 2024

2019-09-20

BKL advised LGD on its issuance of US$687,800,000 1.5% Convertible Bonds due 2024 (the “Bonds”) convertible into common shares of LGD. The Bonds were listed on the Singapore Exchange on August 23, 2019.


Due to the expectation of increasing LGD’s share price, the scarcity of issuance of convertible bonds in the Korean bonds market and its high brand recognition, LGD received a high level of interest in the Bonds from overseas institutional investors. In addition, the Bonds were rated as highly despite difficult domestic and overseas circumstances such as global economic slowdown, US interest rate hike, trade conflicts between the U.S. and China, and insecurity in emerging countries, reconfirming its strong credit-worthiness in the international market. 


Meanwhile, the offering of the Bonds were made to foreign investors pursuant to Regulation S, in relation to which Merrill Lynch International and Morgan Stanley & Co. International plc acted as joint lead managers.


BKL, acting as Korean legal counsel to LGD, provided overall Korean legal advice throughout the update of the issuance of the Bonds, including review of the offering circular, relevant agreements and other documents. The BKL team included partners Eui-Jong Chung, Seung-Il Hong as well as associates Hyun-Jung Kim and Jung-Won Hwang, a foreign legal advisor Heesug Chung. BKL contributed to successfully completing the transaction by addressing various legal issues in an efficient, proactive, and prompt manner.


BKL contributed to successfully completing of the transaction within a very limited timeframe by efficiently, proactively, effectively and promptly dealing with various legal issues.

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