Woomyunsan tunnel refinances
Woomyunsan Infraway Co Ltd (WIC), the concession company with the right to operate the Woomyunsan Tunnel, has secured a W112.3bn debt package from a group of domestic financial institutions to gain lower interest rates and pay redemptions. The tunnel is a 30-year concession toll-road with minimum revenue guarantee coverage for the full life of the concession. Macquarie Korea Infrastructure Fund (MKIF) acquired a 36% interest in the project for W20.3bn in 2005.
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