on one end, juniors on the other
The Export-Import Bank of Korea (K-Exim), Korea Trade
Insurance Corporation (K-sure) and a group of 11 international
commercial bank lenders raised financing for a $2.5 billion
greenfield petrochemical facility for Jurong Aromatics on
Jurong Island, Singapore.
Stephen McWilliams, managing partner of Latham & Watkins
in Singapore told IFLR the deal had required a
balancing of competing priorities between senior and junior
"Standard Chartered and Icon wanted voting rights and
control provisions from their subordinated debt position like
equity holders, so we had to balance out," he explained.
The debt-to-equity was sized conservatively, and all equity
and subordinated debt was contributed prior to funding of the
senior loans, including contingent equity.