Hyundai Motor Securities to Lead 52 Billion KRW PF for ‘Gyeonggi-do Yangju Deokgye Apartment Complex’
[Asia Economy Reporter Lim Jeong-su] Hyundai Motor Securities has completed project financing (PF) worth 52 billion KRW for the development of multi-family housing (apartments) in Yangju-si, Gyeonggi-do.
According to the investment banking (IB) industry on the 16th, the developer YJD2 Co., Ltd. completed PF financing of 52 billion KRW under the lead of Hyundai Motor Securities. The loan maturity is one year.
The funds raised will be used for a project to develop apartments in the area of 707-1 Deokgye-dong, Yangju-si, Gyeonggi-do. The loan was divided into senior 20 billion KRW and subordinated 32 billion KRW according to collateral and repayment priority, and the lender group was formed accordingly.
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The construction company Hanshin Engineering & Construction provided a debt assumption agreement for the PF loan. This means that if the debtor YJD2 fails to properly repay the loan, Hanshin Engineering & Construction will bear the debt repayment burden.
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