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(Edaily Market reporter Kim Seong-su) Taeyoung Construction (009410) plans to announce the sale of its headquarters building in Yeouido again on the 30th. Taeyoung Construction, which is currently undergoing corporate restructuring (exercise), is seeking to sell its headquarters building as a self-rescue measure.
On the 15th of next month, Taeyoung Construction will have a loan of 190 billion won as collateral for its headquarters building. If it has difficulty repaying the securities securitized with the loan, KB Securities and Hana Securities will provide “support.”
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◇ Dongdu Investment completed the REIT business registration of “purchasing and operating” Tairong Construction’s office building
According to the Financial Supervisory Service’s electronic disclosure system on the 14th, Taeyoung Construction is in talks with D&D Investment (DDI) on the sale of its headquarters building, but no specific decision has been made yet, and it is scheduled to be made on the 30th.
Taeyoung Construction’s headquarters building is located at 111 Yeouipongwon-ro, Yeongdeungpo-gu, Seoul. It is a commercial facility with 5 underground floors and 13 above-ground floors, with a total construction area of approximately 42,000 square meters. It is a 12-minute walk from Yeouinaru Station on Subway Line 5 and a 15-minute walk from the National Assembly Station on Subway Line 9.
Taeyoung Construction has been using the building as its headquarters since 2007. Previously, on December 28 last year, Taeyoung Construction applied for a joint management (resolution) procedure with its main creditor bank (Korea Development Bank) due to insufficient funds to repay project financing (PF) contingent liabilities due to the tightening financial market.
The support measures of Taeyoung Group include: △Supporting the proceeds from the sale of Taeyoung Industry (159.4 billion won) △Promoting the sale of Ecobit, a waste treatment company under Taeyoung Group, and supporting the proceeds from the sale △Promoting the securitization of Blue One and the sale of affiliated companies in the tourism and leisure field △Promoting the sale of TY Holdings, the holding company of Taeyoung Group Providing 100% shares (62.5%) of subsidiary Pyeongtaek Cyro as collateral △Utilizing SBS Media Net (95.3%) and promoting financing (refinancing). DMC Media (54.1%) as collateral △Holding shares of TY Holdings as an affiliated company in case Taeyoung Construction is short of liquidity Plans to provide TY Holdings (25.9%) and SBS shares (30.0%) of TY Holdings as collateral for new funds.
Taereong Construction’s self-rescue plan includes selling or providing collateral for real estate, social overhead capital (SOC) shares, unlisted stocks and its headquarters building.
D&D Investment (DDI) was established in January 2018 as a REITs (real estate investment company) asset management company 100% owned by SK D&D. Its total assets under management (AUM) amount to 3.5314 trillion won.
The operating assets include △ Namcheongna Logistics Center at 391-11 Wonchang-dong, Seo-gu, Incheon △ Baekam Pasto 2 Center, Baekam-myeon, Cheorin-gu, Yongin △ Seoul Station Office at 5-63-1 Namdaemun-ro, Jung-gu, Seoul △ Mullae Branch at 25, Mullae-ro 28-gil, Yeongdeungpo-gu, Seoul.
Previously, D&D Investment (DDI) established “TY First Enterprise Restructuring Real Estate Investment Company” to purchase and operate the headquarters building of Taeyoung Construction, and completed REIT business registration with the Ministry of Land, Infrastructure and Transport on the 31st of last month.
From the financial plan, the founding capital is 300 million won, the capital is 100 billion won, and the total project cost is 253.735 billion won.
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Corporate Restructuring REITs are corporate real estate investment trusts that raise funds from multiple investors, invest in real estate or real estate-related securities of restructured companies, and distribute profits to investors in the form of dividends.
The 190 billion won loan for the “Taeyoung Construction office building collateral” will expire on the 15th of next month
On the 15th of next month, a loan totaling 190 billion won that Taeyoung Construction obtained as collateral for its headquarters building will mature.
Previously, Taeyoung Construction obtained a total of 190 billion won in loans from multiple lending institutions under a loan agreement signed in September last year. The loan commitment amount for each period is 130 billion won for the A period, 40 billion won for the B period, and 20 billion won for the C period.
First, special purpose company (SPC) Able T and First is one of the lenders of the A-tranche loan. On September 15 last year, Able TY First provided Taeryung Construction with a one-time loan of 100 billion won in principal. The loan is due on the 15th of next month.
Able TY Jeilcha used the loan as underlying assets to issue asset-backed electronic short-term bonds (ABSTB). KB Securities was the lead firm, asset manager, liquidity and credit provider for the securitization transaction.
Able TY Jeilcha signed a “Private Bond Underwriting Agreement” with KB Securities to control the risks of refinancing and securitized securities issuance. If Able TY Jeil is unable to pay the principal and interest on the maturity date of previously issued securitized securities, KB Securities must purchase private bonds issued by Able TY Jeil within 100 billion won.
The B and C loans have similar structures. SPC Able T YJ Cha is one of the lenders of the B loan, which issued a one-time loan of 25 billion won in principal to Taeryong Construction on September 15 last year. This loan is also due on the 15th of next month.
In the loan securitization transaction, KB Securities served as the lead firm, asset manager, liquidity and credit provider.
Even for partially securitized securities issued by Able T YJ Motors, KB Securities must purchase private placement bonds issued by Able T YJ Motors up to 25 billion won if the buyer or underwriter cannot obtain guarantees within a certain period of time.
SPC Able TY 3rd is the lender of part of the Class B loan (10 billion won) and the Class C loan (20 billion won). Able TY 3rd lent a lump sum principal of 30 billion won to Taeryong Construction on September 15 last year.
The lead company, asset manager, liquidity and credit provider for this loan securitization transaction is Hana Securities. If there are not enough resources to repay the securitized securities issued by Able TY Third, Able TY Third must issue private placement bonds within 30 billion won, and Hana Securities must purchase these bonds.
A KB Securities official said, “We have completed the sale (resale) of 100 billion won of credit provided through Able TY First, and we have also completed the acquisition of Able TY First’s private placement bonds,” adding, “Of these, 10 billion won was sold by us, and the position we currently hold related to the mortgage loan for Taeyoung Construction’s headquarters building is 15 billion won,” he explained.
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