[Asia Economy Reporter Lim Jeong-su] Royal Links Co., Ltd., which operates the Taean Royal Links CC (formerly Hyundai The Links CC) golf course in Chungcheongnam-do, raised 53.9 billion KRW in funds with Hyundai Construction’s joint guarantee. The funds will be used to repay loans previously borrowed for the golf course development project.
According to the investment banking (IB) industry on the 1st, Royal Links recently received a loan of 53.9 billion KRW from a special purpose company (SPC) established under the management of NH Investment & Securities. The loan has a one-year maturity with a lump-sum repayment condition at maturity. Hyundai Construction provided a joint guarantee for Royal Links’ borrowing.
Royal Links will use the procured funds to repay the loans borrowed for the Royal Links CC golf course development project. It is understood that the borrowings exceeded 60 billion KRW due to consecutive losses until 2018 but have recently decreased to the 50 billion KRW range. Most of the borrowings are short-term loans maturing within one year.
Royal Links is developing and operating a 36-hole golf course aiming to be a Korean-style Links course within the ‘Taean Tourism and Leisure-type Enterprise City Development Zone’ in the B district of Cheonsuman, Nam-myeon, Taean-eup, Taean-gun, Chungcheongnam-do. Hyundai Construction was the contractor during development, and the course was launched as Hyundai The Links CC, but the name was changed to Royal Links CC in November last year.
Amico Golf Co., Ltd. holds 100% of Royal Links’ shares. It is known that Striker Capital, which acquired Paganica CC from Daewoo Construction last year, is considering acquiring Royal Links CC.
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