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(Photo= Yonhap news) |
[Alpha Biz= Reporter Paul Lee] According to financial sources on the 20th, Tae Young E&C, in charge of construction for the CP4 project, has reached a final agreement with the main lenders of the project to inject an additional 3.7 trillion won in new funds necessary to complete the project.
The 55 financial institutions involved in CP4's main lending have agreed to lend the additional funds based on their proportional bond holdings. To alleviate the burden of additional support, five major institutions, including Shinhan Bank (2.366 trillion won) and Kyobo Life Insurance (740 billion won), have agreed to share the burden. CP4 is a project for a mixed-use office and shopping mall complex, spanning 11 floors, located in Magok-dong, Seoul.
It is the largest project under Tae Young E&C's project financing (PF) portfolio. The interest rate for the newly injected funds is set at 8% per annum. The main lenders are scheduled to sign loan agreements with the implementation agency on the 23rd, and funds will be supplied starting from the 27th.
AlphaBIZ Paul Lee(hoondork1977@alphabiz.co.kr)
