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Macquarie Bank commits to invest in Incheon Grand Bridge Project |
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14 July 2005 Incheon Bridge Investment Company (“IBIC”), an investment vehicle established in the Republic of Korea for Macquarie Bank, has committed to invest equity of KRW 67.5 billion ($A86 million) representing 41 per cent interest in Korea Development Co., Ltd (“Koda”). Koda is the concessionaire to the Incheon Grand Bridge, a 12.34 kilometre long six lane bridge which will connect the Incheon International Airport and the Incheon Free Economic Zone. Under its concession agreement with Incheon City, Koda has the right to build and operate the Incheon Grand Bridge until the year 2039 with government revenue support until 2024. Macquarie will also provide senior debt and shareholder subordinated debt of KRW 277.4 billion ($A354 million) to Koda, which will be funded by a construction period facility with recourse limited to the project. A Macquarie subsidiary advised on the investment. The Incheon Grand Bridge will become the longest bridge in Korea and fifth longest cable-stayed bridge in the world. The project bridge is expected to contribute to the development of the Incheon Free Economic Zone and further develop Korea as a significant economic base and hub of North East Asia. The new bridge will improve access to Incheon International Airport for traffic coming from Southern Seoul Metropolitan Area and it will also contribute to the reduction of freight transportation costs. Macquarie will explore a range of options for this investment including the possible transfer to a Macquarie-managed fund or sale to institutional investors within the next six months. The transaction will not have a material impact on the Bank’s capital position. Macquarie’s country head, John Walker, said this is a significant transaction for Macquarie as it is the largest direct investment in the Asian infrastructure sector. For more information, please contact:
Lotte Pang
Jenny Kovacs |
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Where we provide any advice on this website, it has been prepared without considering your objectives, financial situation or needs. Before acting on any advice on this website, you should consider its appropriateness to your circumstances and, if a current offer document is available, read the offer document before acquiring products named on this website. Past performance of any product described on this site is not a reliable indication of future performance. Any Macquarie subsidiary noted on this page is
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