Haitai's pricing looks sweet

Korea''s biggest confectionery company has priced a syndicated loan to sell.
Given it is the first LBO financing of the year in Asia, Haitai Foods has been a long-awaited deal both in yield terms and in rarity value.

Haitai, which has 20% of the Korean confectionery market, was recently auctioned to a consortium that includes CVC, JPMorgan Capital Partners and UBS Capital.

JPMorgan was mandated to raise the acquisition debt finance for the deal and has come up with a W345 billion senior secured facility which is expected to see eager participation from banks around the region.

It has brought in Chohung Bank as joint lead and co-underwriter and has structured the deal in three tranches two of which can be subscribed...

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