Daewoo Engineering signs $200 million syndicated loan

  • Reuters
  • Stock Market News
Daewoo Engineering signs $200 million syndicated loan
Credit: © Reuters.

DUBAI, March 23 (Reuters) - Daewoo Engineering & Construction Co 047040.KS has signed a $200 million dual-tranche loan, the bank coordinating the deal said in a statement on Tuesday.

The deal was initially launched at $115 million but was upsized after "significant oversubscription", sole coordinator Emirates NBD ENBD.DU said without specifying.

Ahli United Bank BKME.KW and Warba Bank WARB.KW joined ENBD as bookrunners for the three-year amortising facilities which comprise a conventional and an Islamic tranche.

"While Daewoo has regularly tapped the syndicated loan markets in the past, this transaction represents another important milestone in the expansion of its growing investor base through a longer dated issuance and helped Daewoo to successfully tighten the pricing and to tap Islamic liquidity available in the region," ENBD said.

Other banks on the deal were Kuwait International Bank KIBK.KW , Bank SinoPac, State Bank of India SBI.NS , DenizBank, First Commercial Bank, Hua Nan Commercial Bank, Taiwan Business Bank 2834.TW and Finantia UK.

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