Eyes on acquisition financing of SK Chemicals’ biofuel business Hahn & Co.'s acquisition financing is drawing strong attention amid the Covid-19 pandemic
Translated by Kim So-in 공개 2020-05-20 08:00:10
이 기사는 2020년 05월 20일 08:00 thebell 에 표출된 기사입니다.
Hahn & Company’s acquisition financing of SK Chemicals’ biofuel business is garnering interest from market participants amid subdued market activities due to the Covid-19 pandemic.Hahn & Co. has hired NH Investment & Securities to arrange the acquisition financing, sources familiar with the situation said on Monday.
The 230 billion won ($188 million) acquisition financing with five year maturity consists of a 200 billion won senior term loan excluding 50 billion won revolving credit facility at an interest rate of 4.3 percent and a 30 billion won mezzanine term loan at an interest rate of 6.5 percent.
Market participants are paying attention to the deal as an interest rate of at least four percent is guaranteed. Multiple institutional investors including pension funds, mutual aids and insurance companies are expected to participate in a possible sell-down process.
Strong interest in the deal is also attributable to a lack of deals due to the Covid-19 pandemic. “Considering Hahn & Co.’s recent activities, the PE firm is likely to carry out recapitalization or refinancing before the latest acquisition financing matures,” said a pension fund official. “[Institutional investors] are likely to participate in a sell-down process amid an absence of acquisition financing deals in the market lately.” The source added that their participation in the first transaction as a lender could lead to more new opportunities in the future.
Hahn & Co. has recently carried out its third recapitalization on its portfolio company Ssangyong Cement Industry. The buyout firm financed 780 billion won through acquisition financing when taking over Ssangyong Cement in April 2016. In January 2018, it secured around 1.05 trillion won in the first recapitalization on the cement manufacturer. In February 2019, the buyout firm secured 1.3 trillion won in the second recapitalization on the company.
(By reporters Kim Byung-yoon and Kim Hye-ran)
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