Lee & Ko Advises on HD Korea Shipbuilding & Offshore Engineering’s USD 1.55 Billion Overseas Exchangeable Bond Offering

Lee & Ko advised HD Korea Shipbuilding & Offshore Engineering Co., Ltd., the intermediate holding company for the shipbuilding business of HD Hyundai Group, on its USD 1.55 billion overseas exchangeable bond offering. The bonds are exchangeable into common shares of HD Hyundai Heavy Industries Co., Ltd. held by HD Korea Shipbuilding & Offshore Engineering, and the offering was successfully completed amid strong interest from global investors in Korea’s shipbuilding industry. The transaction attracted significant market attention as a large-scale overseas exchangeable bond offering involving shares of a key listed subsidiary of one of Korea’s leading shipbuilding groups.

Overseas exchangeable bond offerings require comprehensive review of various Korean law issues, including disclosure requirements relating to the exchange property, determination of the exchange price, exchange procedures, foreign exchange regulations and capital markets regulations. Lee & Ko provided comprehensive legal advice to the issuer throughout the transaction, including Korean law review of the offering structure, review of transaction documents and the offering circular, and advice on disclosure and governmental approval matters. Following its advice on LG Chem’s USD 2 billion overseas exchangeable bond offering in 2025, Lee & Ko once again demonstrated its strong expertise in overseas equity-linked bond offerings by Korean companies through its successful representation in this large-scale transaction.