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JB Asset Management invests $390 mn in US thermal power station

Collected: 2016.06.02

Distributed: 2016.06.03

Source: Go Direct

South Korea’s JB Asset Management Co., an asset management unit of JB Financial Group, has joined hands with local institutional investors to invest 460 billion won (about $390 million) in a syndication project for refinancing of a thermal power station located in Newark, New Jersey.

A refinance occurs when a business or person revises a payment schedule for repaying debt. The old loan is paid off and replaced with a new loan offering different terms.

According to the company on Wednesday, it established a strategic partnership with U.S.-based private equity fund Ares EIF for the syndication project. The project is also participated by U.S. General Electric, German Siemens and Chinese Industrial and Commercial Bank of China Limited (ICBC). JB Asset Management made the investment through a fund raised by Dongbu Insurance Co., Shinhan Life Insurance Co. and NH Investment & Securities Co. The fund’s target return rate is 5.7 percent with a seven-year maturity.

Technical adviser of the project has been selected by Energy Innovation Partners with recent experiences of power plants in North America while NH Investment & Securities will serve as a financial adviser.

Established in 1987, Ares EIF is known as a private equity fund specializing in energy infrastructure. Ares Management, L.P., a parent company of Ares EIF, is a U.S.-based alternative investment company that operates more than 110 trillion won in net asset

By Park Yoon-ye

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