Bank group picked for Pusan New Port project

A diverse bank group wins the coveted lead arranger mandate for a key Korean infrastructure project.

Pusan Newport Company, the project company sponsoring the greenfield port facility in Pusan, South Korean has mandated the onshore and offshore banking groups which will provide the project's financing. The lead arrangers for the won denominated debt are Kookmin Bank and Samsung Life Insurance. The international lead arrangers are Bayerische Hypo-und Vereinsbank, Credit Lyonnais, DZ Bank, Intesa BCI and Tokyo-Mitsubishi International HK.

The group of banks beat out another group comprising SG, Sumitomo and WestLB, that were bidding for the mandate. The lead arrangers reveal that the overall package they were offering, including price and covenants persuaded the sponsors to mandate them.

The project involves the construction of a new port...

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