Paul Hastings Advises Goldman Sachs in US$200 Million Convertible Bond Offering by STX Pan Ocean

November 19, 2009

Hong Kong (November 16, 2009) Paul, Hastings, Janofsky & Walker, a leading global law firm, announced today that it has advised Goldman Sachs in a US$200 million five-year convertible bond offering by STX Pan Ocean, Korea's largest bulk shipping company.

The convertible bond offering involved innovative structuring to enable the bonds to be convertible into shares listed either in Korea or Singapore. STX Pan Ocean will use some of the proceeds to fund part of the acquisition cost for new vessels and the remainder as working capital.

In addition to advising Goldman Sachs as lead arrangers, Paul Hastings also advised BNP Paribas as co-manager and Tong Yang Securities Inc. as co-lead manager.

Daniel Kim, a corporate partner in Paul Hastings Hong Kong office, commented: We are pleased to have advised Goldman Sachs on this successful convertible bond offering. The transaction required complex cross-border legal advice due to the structuring of STX Pan Ocean, which is listed in both Korea and Singapore.

The Paul Hastings team in Hong Kong was led by Daniel Kim and David Grimm assisted by associates Dongho Lee and Charles Kim.

Paul, Hastings, Janofsky & Walker is a leading global law firm with offices in Asia, Europe, and the United States. We provide innovative legal solutions to financial institutions and Fortune 500 companies. Please visit www.paulhastings.com for more information.



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