SSANGYONG CONSTRUCTION RAISES 48 MLN U.S. DOLLARS
<Ssangyong Construction Co Ltd> of
South Korea has signed a 48.3 mln U.S. Dlr financing package to
fund the construction of a hotel and commercial complex in
Jakarta, the agent, Wardley Ltd, said.
    The package, guaranteed by the parent firm, <Ssangyong
Cement Industrial Co Ltd>, includes a 25 mln dlr medium term
loan, a five mln dlr revolving letter of credit facility and an
18.3 mln dlr bonding facility. The three year loan carries
interest at 1/2 point over three or six month Singapore
interbank offered rate (Sibor). The LC facility costs 10 basis
points over Sibor and the bonding facility 50 basis points.
    The facility is being lead managed by Hongkong and Shanghai
Banking Corp. Managers are Arab Banking Corp, Bank of Nova
Scotia, Gulf International Bank, Istituto Bancario San Paolo di
Torino, National Bank of Kuwait, Standard Chartered Asia Ltd
and Sumitomo Finance (Asia) Ltd. Co-managers are Australian
European Finance Corp Ltd and Cho Heung Bank.
    A Wardley spokesman said the loan was well received by
international banks which have a keen appetite for increasingly
scarce Korean assets. The loan was approved by the Korean
Finance Ministry because it is for use outside Korea and will
not raise the country's indebtedness, he said.
 REUTER
