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Simpson Thacher recently represented ABN AMRO, Citi, Deutsche Bank, and Goldman Sachs as joint lead managers in connection with an offering by Zeus (Cayman), an SPV formed by POSCO, of an aggregate ¥52,795,000,000 Zero Coupon Guaranteed Exchangeable Notes due 2013, the proceeds of which were used primarily to refinance existing exchangeable notes. The Notes are guaranteed by POSCO, are exchangeable into American depositary shares representing common shares of SK Telecom, and are subject to a securities lending arrangement with each of the joint lead managers under which the joint lead managers can lend the ADS to investors for hedging purposes. The Notes were offered under Rule 144A/Regulation S under the Securities Act and are listed on the Singapore Stock Exchange.

POSCO is the largest steel manufacturer in Korea and the third largest steel producer in the world, and is listed on the New York Stock Exchange, the Korea Exchange, and the Tokyo Stock Exchange. SK Telecom is the largest mobile phone service provider in Korea and is listed on the New York Stock Exchange and the Korea Exchange.

The Simpson Thacher attorneys who contributed to the successful completion of this transaction include Jin Park, Johneth C. Park, Jason Jeong and Sarah Park in Hong Kong (Corporate); Louis Lehot and Larissa Schwartz in Palo Alto (Derivatives); Seojung Park in New York (Tax); George Wang and Maco Stewart in New York and Brijesh Dave in Washington, D.C. (OFAC); and Diona Park in Hong Kong (Summer Associate).