Following in the footsteps of Indonesia's Daesang Corp, which became the first foreign corporate to access the Arirang sector earlier this year, two wholly-owned SPV's of SPI have raised Won210 billion $165 million. Prior to this the only foreign entity to tap the sector since the government first allowed issuance in 1995, was the Asian Development Bank ADB in September of the same year with a Won 85 billion issue.
A three-year deal for the two Singapore SPV's - SPI Seosan Co-Gen and SPI Seosan Water - was formally priced yesterday Wednesday with a coupon of 7.68%. Proceeds have been swapped back to US dollars to re-pay a shareholders loan from SPI...
