이 기사는 2020년 02월 25일 06:00 thebell 에 표출된 기사입니다.

Macquarie Group has raised funds for the acquisition of Daesung Industrial Gases in a syndicated loan.

According to M&A industry sources on February 20, joint arrangers of the Australian bank’s acquisition of South Korea’s largest gas supplier have recently finished raising funds in a syndicated loan. The deal closed on February 6. Samsung Securities and KB Securities, lead joint arrangers of the deal, paid the entire amount first and sold down to major lenders. Shinhan Bank and Mirae Asset Daewoo also participated in the deal at the last minute to act as joint arrangers.

Securities firms including Samsung Securities and KB Securities started a process to form a group of major lenders for a syndicated loan in mid-January. A total of 1.6 trillion won was raised in the syndicated loan for the purpose of acquiring stakes of the gas company and repaying the exiting debt.

The gas company is acquired by Macquarie Asia Infrastructure Funds 2 (MAIF2) that falls under Macquarie Infrastructure and Real Assets (MIRA). Macquarie has set a special purpose company (SPC) for the acquisition, in which Macquarie invested around 1.1 trillion won. More than one trillion won was financed through MAIF2 and a co-investment fund formed by foreign investors.

The SPC has borrowed approximately 1.21 trillion won from banks, which makes Macquarie acquire the entirety of Daesung Industrial Gases with around 2.4 trillion won.

Macquarie also has completed recapitalization of the gas company. Daesung Industrial Gases fully repaid 436 billion won worth exiting debt and borrowed 367 billion won anew.

It is said the gas company’s stable cash generation and growth potential attracted lenders’ attention. South Korean blue-chip companies such as LG Display, SK Hynix, GS Caltex, and LG Chem are among major customers of Daesung Industrial Gases.

Market watchers also say there is more upside potential to the gas producer’s sales as its capacity utilization rate is under 70 percent.

(By reporter Kim Hye-ran)