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Incheon Bridge: Mac moves in
01 July 2005
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[project financing]
[infrastructure finance]
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The W1.45 trillion ($1.4 billion) Incheon Bridge project, the first developer-led rather than construction company-led project in South Korea, has reached financial close.
At 12km, the bridge will be the longest bridge in South Korea and the fifth largest in the world and will link Incheon Airport with the Incheon Free Economic Zone and southern Seoul. The project company, Korea Development Company (Koda), is building the asset and has signed a concession document with Incheon City giving it the right to maintain and operate the bridge until 2039.
The principal investor is Macquarie Bank, via Incheon Bridge Investment Company (IBIC), a 100% subsidiary of the bank. IBIC is purchasing a 41% stake in the Koda project for a total consideration of W67.5 billion. Macquarie joins the initial shareholders in Koda: Kookmin Bank (15%), Industrial Bank of Korea (15%), AMEC (23%) and Incheon Metropolitan City (6%).
Debt finance...
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