Lee & Ko is proud to announce its selection as a winner in the ALB’s Korean Deals of the Year 2009 in the “M&A” category for its work in relation to the financing of Kookmin Cable Investment Inc.’s acquisition of C&M Co., Ltd., South Korea’s second largest cable operator.
Lee & Ko represented the mandated lead arrangers (Shinhan Bank, Hana Bank, Kookmin Bank and Woori Bank) for a consortium of lenders in connection with facilities in the aggregate of 2.1 trillion Korean Won obtained by Kookmin and C&M. This intricate deal involved (among others) multi-phased share purchases of the target using two SPCs and separate but highly coordinated loan agreements. Also, the rights of multiple existing creditors (bondholders) of C&M had to be painstakingly negotiated and accommodated to prevent any cross-default being triggered under the existing obligations of C&M, particularly in connection with the establishment of security interests in favour of the acquisition financing lenders. This deal was completed in March 2008.
(ALB, an independent magazine dedicated to the latest legal news, events anddevelopments in and around the region, conducts a survey on the best Korean deals for the past year and publishes its results in the ALB Korean Deals of the Year report.)