Shortlisted bidders for SK E&S' minority stake actively seeking debt financing KB Kookmin Bank, Shinhan Bank, and Samsung Securities likely to arrange acquisition finacing
이 기사는 2021년 09월 06일 07:37 더벨 유료페이지에 표출된 기사입니다.Shortlisted bidders for SK E&S’ new preferred shares are actively seeking financial institutions which will provide acquisition financing.
Shortlisted private equity (PE) firms to buy SK E&S’ redeemable convertible preferred shares are reportedly contacting financial institutions that will arrange debt financing, industry sources said on Thursday. Shortlisted bidders include KKR, IMM PE, IMM Investment, and EMP Belstar.
KKR and IMM Investment are reportedly discussing possible acquisition financing with KB Kookmin Bank. KKR is expected to partner with the lender’s Infrastructure Finance division while IMM Investment is likely to team up with the Investment Banking division.
KB Kookmin Bank’s Infrastructure Finance division recently arranged debt financing when Macquarie Korea Infrastructure Fund took over Haeyang Energy and Seorabeol City Gas from Glenwood PE.
IMM PE is highly likely to team up with Shinhan Bank, the PE firm’s long-time limited partner. In July, the bank arranged acquisition financing for SK Lubricant’s pre-initial public offering, in which IMM Credit Solution participated. IMM Credit Solution is a private debt firm spun out from IMM PE.
EMP Belstar is expected to partner with Samsung Securities, which has been focusing on infrastructure investments since 2019.
Given that SK E&S seeks to raise two trillion won ($1.9 billion) through the sale, around one trillion won of funds is expected to be injected through the acquisition financing. A selected PE firm is highly likely to fund 50% of the acquisition cost through its fund, with the rest funded through debt financing.
Shortlisted bidders are reportedly conducting due diligence on city gas subsidiaries with SK E&S. They are expected to make their management presentations soon. (Reporting by Byung-geun Kam)
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