REPL::General Announcement::Modification of the Interest Rate determination due to Benchmark Transition Event

Issuer & Securities

Issuer/ Manager: INDUSTRIAL BANK OF KOREA
Securities: INDBKKOREA US$26MF250427 - XS2163324408 - W3IB
Stapled Security: No

Announcement Details

Announcement Title: General Announcement
Date &Time of Broadcast: 04-Jul-2023 12:34:46
Status: Replacement
Announcement Sub Title: Modification of the Interest Rate determination due to Benchmark Transition Event
Announcement Reference: SG230704OTHRSZEU
Submitted By (Co./ Ind. Name): Yoojin Pi
Designation: Assistant manager
Effective Date and Time of the event: 04/07/2023 17:00:00
Description (Please provide a detailed description of the event in the box below): Pursuant to Condition 5(h) (Effect of Benchmark Transition Event) of the terms and conditions of the Notes (from the offering circular dated 8 August 2019, pursuant to which the Notes were issued), Industrial Bank of Korea (the Bank) hereby confirms and notifies you that :
(i) a Benchmark Transition Evemt has occurred with respect to the Notes (particulars of which are as specified below); and
(ii) for each Interest Period commencing after 30 June 2023, interest in respect of the Notes will be calculated on the basis of the Benchmark Replacement, which the Bank (the Issuer) has determined to be the sum of :
(1) CME 3M Term SOFR, as published by distributors of Term SOFR at 6:00 a.m. (New York City Time), or any amended publication time for 3M Term SOFR, as specified by the CME Group Benchmark Administration Limited (or a successor administrator designated by the Relevant Governmental Body as the administrator of Term SOFR (or a successor administrative) on the Interest Determination Date (Two U.S. Government Securities Business Days.)
(2) the Benchmark Replacement Adjustment (being 0.26161%), and
(3) the relevant original margin of 1.30%(the Original Margin) in respect of the Notes, together with certain Benchmark Replacement Conforming Changes

For the avoidance of doubt, the Interest Amount to be paid on 27 July 2023 (the commencement next interest payment date of the first interest period after June 30 2023) will be based on 3M USD LIBOR+1.30 per cent. Per annum 2023 (the Original Margin) (further particulars are specified in the amended and restated modified pricing supplement dated 30 June 2023 supplement)

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