[Asia Economy Reporter Lim Jeong-su] Financing of 75 billion KRW for the development of the logistics hub 'Icheon Majang Logistics Complex' in the eastern region of Gyeonggi Province has been secured.
On the 31st, according to the investment banking (IB) industry, Deokpyeong SLC Co., Ltd., the developer of the Icheon Majang Logistics Complex, received a development project loan of 75 billion KRW from a lending consortium led by IBK Investment & Securities.
The lending consortium executed the loan divided into senior debt of 55 billion KRW and subordinated debt of 20 billion KRW based on collateral and repayment priority. The loan maturity is one year. The principal is to be repaid in a lump sum at maturity, but early repayment is also possible.
The procured funds will be used for land compensation and construction payments for the Majang Logistics Complex. This logistics complex will be built on a 296,408㎡ site at San 45-5, Yangchon-ri, Icheon-si, Gyeonggi-do, consisting of three logistics centers ranging from two basement floors to five above-ground floors. The total project cost is 87.5 billion KRW.
An IB industry official stated, "With the completion of project financing, the previously pointed-out issue of land acquisition has been resolved, and full-scale construction is expected to commence."
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