First Tier II Subordinated Offering as a Sustainability Bond by a Korean Insurance Company
SEOUL – Feb. 9, 2022 – Global law firm Greenberg Traurig, LLP represented Hanwha Life Insurance Co., Ltd. in its Rule 144A/Reg. S offering of $750 million 3.379% Tier II Subordinated Sustainability Securities due 2032 (the “Securities”) – the first Tier II offering as a sustainability bond by a Korean insurance company. JP Morgan, BofA Securities, Citigroup, and Standard Chartered Bank were the joint bookrunners for the offering. The offering priced on Jan. 24 and closed on Feb. 4. The Securities were listed on the Singapore Exchange.
Hanwha Life Insurance was established in 1946 as Korea’s first life insurance company and is currently the second largest life insurance company in Korea. As the flagship financial services company of the Hanwha Group, which is the seventh largest business group in Korea, Hanwha Life Insurance consolidates Hanwha General Insurance Co., Ltd., Hanwha Asset Management Co., Ltd. and Hanwha Investment & Securities Co., Ltd. as its subsidiaries.
The principal Greenberg Traurig lawyers on the transaction were: Eun Sang Hwang of the Seoul office, Dorothee Fischer-Appelt of the London office, and Godric C. Shoesmith, Minjun Oh, and Selina Yoo of the New York office. James M. Maynor, Jr. and Robert D. Simon advised on U.S. tax matters.