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Macquarie Korea I F (MKIF)

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Friday 07 February, 2014

Macquarie Korea I F

Refinancing of the corporate credit facility

RNS Number : 5469Z
Macquarie Korea Infrastructure Fund
07 February 2014
 



 

 

 

 

 

 

 

7 February 2014

 

 

 

MACQUARIE KOREA INFRASTRUCTURE FUND
REFINANCING OF THE CORPORATE CREDIT FACILITY

 

Macquarie Korea Infrastructure Fund ("MKIF") announced today that it has entered into an agreement with the lenders of the existing corporate credit facility for a new 5-year facility (the "New Facility") on improved terms.  The New Facility is subject to shareholders' approval at the upcoming Annual General Meeting of the Shareholders in March 2014.  

 

MKIF currently has a total borrowings of KRW 500 billion, consisting of a KRW 250 billion 5-year corporate credit facility, of which approximately KRW 69 billion have been drawn to date, and a KRW 250 billion 5-year and 7-year tranches of fixed rate bonds.      

 

The New Facility is expected bring benefits of:

 

§ An estimated annual average interest savings of approximately W1.7 billion for MKIF over the next 5 years

§ The term of the facility extended by approximately 2.6 years to February 2019

§ Repayment possible at any time at zero cost

§ Improved terms locked in ahead any adverse interest rate movements

 

MKIF-level Borrowings

 

(in KRW)

Bonds

Credit Facility

Existing

New

Size

250 billion

Tranche A (60 billion)

Tranche B (190 billion)

250 billion

250 billion

Type

Fixed rate, non-redeemable public 
bonds

Floating rate,

Revolving loan facility

Floating rate,

Revolving loan facility

Term

Tranche A: 5-year, maturing in May 2016

Tranche B: 7-year, maturing in May 2018

5-year, maturing in

June 2016

5-year, maturing in

February  2019[1]

Interest Rate

Tranche A: 4.57%

Tranche B: 4.97%

91day CD + 270bps

91day CD rate + 
180bps

Voluntary

Prepayment Fee

NA

10bps fee

None

Domestic

Credit Rating

AA0  by Korea Ratings and NICE Rating

AA0 (Stable Outlook) by NICE Rating

 

 

 

For further information, please contact:

 

Jason Pak

Chief Operating Officer

Macquarie Korea Infrastructure Fund

+ 82 2 3705 8550

[email protected]

 

Ally An

Investor Relations

Macquarie Korea Infrastructure Fund

+ 82 2 3705 8565

[email protected]

 

This release is not an offer or solicitation for sale of the securities of Macquarie Korea Infrastructure Fund('MKIF') in the United States or in any jurisdiction where any offer, sale or solicitation in respect of such securities is not permitted. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or in any jurisdiction where such offer or sale is not permitted. The securities of MKIF has not been registered under the Securities Ac, and may not be offered or sold in the United States absent registration or exemption from registration under the Securities Act. There will be no public offer of the securities in the United States. 

Not for distribution in the United States or in any jurisdiction where any offer, sale or solicitation in respect of the contemplated securities is not permitted.

This document is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons").  Any securities will only be available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire any securities will be engaged in only with, relevant persons.  Any person who is not a relevant person should not act or rely on this document or any of its contents.

This release does not take into account the investment objectives, financial situation and particular needs of the investor. Before making an investment in MKIF, the investor or prospective investor should consider whether such an investment is appropriate to their particular investment needs, objectives and financial circumstances and consult an investment adviser if necessary.

MKIF or Macquarie Korea Asset Management Co., Ltd.(MKAM) is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia).  The obligations of this entity do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL).  MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities.

Investments in MKIF are subject to investment risk, including possible delays in repayment or loss of income and/or capital investment. Neither MKIF, nor any member of the Macquarie Group companies, including MKAM, guarantees the performance of MKIF, the repayment of capital or the payment of a particular rate of return on MKIF securities.

 



[1] 5 years from the document closing date of 7 February 2014


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