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Deal Analysis – Hyundai Steel
07 February 2012
The latest round of funding for Hyundai Steel’s Danjin plant brought in six export credit agencies and seven international banks. John Geddie delves into the deal and considers whether it represents a shift towards increased cross-border export finance activity in 2012.
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Hyundai Steel
Kexim
Sinosure
Crédit Agricole CIB
BoComm
BTMU
LBBW
HSBC
ING
A club of international lenders and export credit agencies have closed an eight-tranche, $526.77 million financing package, in both euros and US dollars, to support the construction of Hyundai Steel’s (HSC) third blast furnace at its plant in Danjin, Korea.
This is complemented by a separate Kexim-backed JPY18 billion ($232 million) buyer credit agreement which was the largest Korean ECA supported Japanese yen financing in 2011. In fact, it has been one of the few times Kexim has issued yen financing since it first offered the facility for HSC’s Japanese suppliers in 2009.
But it was even further back in 2008, that HSC last secured a loan with the same combination of European and Asian ECAs, for the construction of the first of Danjin’s blast furnaces. Completed in 2010, the plant has the capacity to produce long steel products used in construction and infrastructure, but the latest...
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