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Daewoo E&C signs $200m dual tranche financing facilities

March 24, 2021
real estate

Daewoo Engineering and Construction Company (Daewoo E&C) said it has successfully completed a $200 million dual tranche (conventional and Islamic) syndicated term financing facilities.

A major global construction company, Daewoo E&C is headquartered in Seoul, South Korean and has operating branches and subsidiaries in Asia, Africa and Middle East.

The transaction was initially launched at $115 million which received an overwhelming response from the market leading to significant oversubscription. Daewoo E&C then chose to exercise the green-shoe option to upsize the facilities to $200 million.

The success of this transaction reiterates the strong regional and international investor confidence in Daewoo E&C and its growing global reputation stemming from its strong commercial competitiveness and extensive technical expertise; in 2020 despite the spread of Covid-19 pandemic, Daewoo E&C continued to have a stable operation of all business sectors to prove its resilience and strength, securing its sustainable future.

Daewoo E&C said these are structured as three-year amortising facilities comprising both conventional and Islamic tranches and will be utilized towards general corporate purposes.

For the transaction, Emirates NBD Capital acted as the sole co-ordinator, while Ahli United Bank (DIFC Branch), Ahli United Bank, Emirates NBD Capital, Emirates NBD Bank, Singapore Branch and Warba Bank acted as the mandated lead arranger and bookrunner (MLABs) on the transaction.

Additionally, Emirates NBD Capital also acted as the documentation agent on the transaction, while Emirates NBD Bank was the global agent, conventional facility agent and the investment (Islamic) agent in relation to the facilities.

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