KRW 1 Trillion Loan Facility Agreement Between KDB Value VI Private Equity Fund and Korea Development Bank

Lee & Ko has also advised KDB Value VI Private Equity Fund (KDB PEF), managed by Korea Development Bank (KDB) as its general partner, in respect of a loan agreement whereby its subsidiary KDB Value VI LLC (SPC) would be provided a loan facility of KRW1 trillion (US$9.2b) by KDB. Proceeds of the loan will be used to finance SPC’s acquisition of shares in Daewoo Engineering & Construction Co Ltd (Daewoo E&C), so that SPC will secure the approximately 50.7 per cent controlling stake in Daewoo E&C. The drawdown for the loan and the closing of transactions were accomplished on 6 January 2011. The firm’s team was led by partners Hee Jeu Kang, Sang Chol Yi and Dong Seok Woo.