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Dongwon Industries to issue $176 mn debts for Dongbu Express takeover deal

Collected: 2016.10.18

Distributed: 2016.10.19

Source: Go Direct

South Korea’s processed food maker Dongwon Industries will offer 200 billion won ($176 million) in AA- three-year and five-year notes later this month after book-building on Thursday. The proceeds would be used to finance the company’s bid for Dongbu Express that would add logistics to the food maker.

The food company is returning to the debt market a year after it last issued 100 billion won worth to raise operation funds.

Depending on the order book, the offering scale could be upped from proposed 200 billion won, a source in the banking sector said.

Last month, Dongwon Enterprise Co., a holding company of Dongwon Group, signed a memorandum of understanding with a consortium led by KTB Private Equity and Q Capital Partners to acquire full stake in Dongbu Express, the country’s third largest logistics player that was put up for sale early last year. It is reported that the deal is worth 470 billion won.

By Ko Min-suh

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