Dae Chang Ind. to Receive 36.1 Million Dollar Loan from the IFC
Dae Chang Industry which produces brass bars announced on November 12 that it agreed to 36.1 million dollar loan from the IFC (International Finance Corporation) and will sign a formal letter on the 13th.The conditions for the loan are very good because interest rates are Libor (an international interbanking benchmark rate) plus 3.875% and the repayment schedule is over 7 years with a grace period of three years.
According to the agreement, the IFC will acquire 23% of the company's equities by participating in the issuance of additional equities by Dae Chang Industry.
A source at the IFC said, ' The Corporation's objective is to expand the investment for promising, small and mid-size companies in Korea.'
with the Korea JoongAng Daily
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