Lee & Ko’s Banking & Finance Group advised Incheon Airport Corporation on its first-ever issuance of global bonds.
The client decided to issue bonds for the first time since its incorporation in order to strengthen its competitiveness in preparation for the end of COVID-19 and to take off as a global airport-specialized company through projects such as the phase 4 construction of Incheon International Airport, offshore projects, and development of surrounding areas. Despite the weakened investment sentiment due to the decrease in demand for flying from the COVID-19 outbreak, the issuance of the global bonds worth USD 300 million was completed with an investment of USD 1.95 billion (KRW 2.1639 trillion won), which is about 6.5 times the target issuance amount. The interest rate was also set at 1.361% per annum, 0.325% lower than was previously expected.
Lee & Ko contributed to the success of the company’s first global bond issuance by effectively advising on the entire transaction process, from reviewing the relevant laws and preparing the prospectus to negotiating contracts and more. This deal was led by partners Hyunjoo Oh and Seung-A Hyun, and associates Dong Yon Kim, Sang Hyun Ahn, Sarah Kang, and Cheong Su Noh also participated.