Plant purchase marks financing first for SG in Korea

Limited recourse project finance comes to Korea with the acquisition of a petrochemical plant from Daelim.

Bankers at SG, Hana and Fuji are celebrating the first ever limited recourse project financing to close in Korea The deal is for the purchase of a petrochemical plant from the Daelim group by a project company called PolyMirae  PolyMirae is a 50/50 joint venture between Daelim and the Montell Group - which in turn is held by Montell Industrial, Taiwan Polypropylene and Montell SDK Sunrise

The size of the deal is $284 million of which $184 million is in debt and $100 million is in equity The debt portion is split into three tranches all of which have a seven year maturity The first tranche is a $122 million MTN programme which has been provided by Societe Generale...

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