Clifford Chance has advised Hanaro Telecom on the high yield financing for its acquisition of Korea Thrunet.

London-based partner Bob Trefny led the firm's team, which included Washington DC-based counsel George Kleinfeld as well as a team of associates from the firm's offices in Hong Kong and New York.

The issue involved US$500m 7% notes due 2012 in accordance with the provisions of Regulation S and Rule 144A, with CC citing the merger covenant, sale/leaseback covenant and change of control redemption event as interesting aspects of the deal.

Korean heavyweight Kim & Chang acted as local counsel to the issuer, with the underwriters turning to Bae Kim & Lee for Korean advice and Davis Polk & Wardwell for US law matters.

Allen & Gledhill acted as Singapore listing agent on the deal, with Audin Deloitte the auditors and Deutsche Bank Trust Company Americas the trustee and paying agent.