Hanaro set for $600 million loan

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Hanaro set for $600 million loan

Hanaro Telecom signed yesterday a contract for a 720 billion won ($600 million) syndicated loan from foreign and domestic banks, including JP Morgan & Co., Development Bank of Singapore and Korea Exchange Bank, according to telecommunications industry sources. The annual coupon rate was reportedly 6.4 percent. Of the total amount 660 billion won has a five-year maturity, and the remaining 60 billion won is working capital that Hanaro can repay at any time. Hanaro received $500 million from the AIG-Newbridge Capital consortium on Wednesday. With the syndicated loan and the capital increase, Hanaro is likely to invest in the high- speed Internet market and new businesses. Hanaro’s board of directors will decide whether to approve the contract today.

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