BNK Capital raises $41.5 mn in foreign currency
Bo-Hyung Kim
Mar 18, 2024 (Gmt+09:00)
South Korea’s BNK Capital announced on Monday that it raised $41.5 million in foreign currency funds from overseas state-owned banks.
This is the company’s first foreign currency fundraising since obtaining a corporate credit rating of Baa1 (moderate credit risk) from Moody's Ratings in November last year.
Baa1 is an investment-grade rating recognized both domestically and internationally.
The rate is 5 basis points lower than the rate calculated by private bond rating agencies for BNK Capital's corporate bonds.
The funds were borrowed through syndicated loans via local branches of foreign banks.
Syndicated loans refer to loans where multiple banks form a consortium to lend under the same terms.
BNK Capital operates six local subsidiaries in five Southeast Asian and Central Asian countries and is exploring further expansion into overseas markets.
Write to Bo-Hyung Kim at kph21c@hankyung.com