[Funding] Doosan Cubex Repays Loan to Release Ladena CC Collateral Rights

[Asia Economy Reporter Lim Jeongsu] Doosan Qubex has raised 20 billion KRW to repay the loan for Doosan Group's golf course, Ladena Country Club (Ladena CC). The collateral rights on Ladena CC, which were set for the existing loan, have been released.

According to the investment banking (IB) industry on the 3rd, Doosan Qubex received a 20 billion KRW, 3-year maturity loan from a special purpose company (SPC) established under the lead of Woori Bank. The loan is to be repaid in a lump sum at maturity, with the possibility of partial early repayment depending on circumstances.

Woori Bank acquired the loan principal and interest through the SPC and issued asset-backed commercial papers based on these assets to secure the loan funds. During this process, credit was also extended to the SPC.

The borrowed funds are reportedly intended to be used to repay existing loans. Doosan Qubex previously borrowed 33 billion KRW from Kookmin Bank, JT Savings Bank, and SBI Savings Bank using Ladena CC as collateral.

Among these, 8 billion KRW borrowed from the savings banks has already been repaid, and the 25 billion KRW corporate bonds matured at the end of last month were recently repaid. It is interpreted that the collateral rights set on Ladena CC were also released upon repayment of the existing loans.

Doosan Qubex operates the Ladena CC golf course located in Chuncheon. Currently, Doosan Group affiliates such as Doosan Corporation (36.17%), Doosan Infracore (30.56%), Doosan Heavy Industries & Construction (21.11%), Doosan Bobcat Korea (4.93%), Oricom (3.39%), and Hancom (3.84%) hold shares in the company.

While some in the IB industry have raised the possibility of selling Ladena CC, the Doosan Group is reportedly of the view that there is no need to sell the golf course additionally, as they have already sufficiently implemented their self-help plans.

Meanwhile, Doosan Heavy Industries & Construction sold the Club Mow CC golf course in Hongcheon last year to the Hana Financial-Moa Miraedo consortium for 180 billion KRW as part of Doosan Group's management normalization efforts.

This content was produced with the assistance of AI translation services.