SK on tapping $782 mn in short-term loans amid delayed pre-IPO fundraising
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According to multiple sources from the investment bank industry on Sunday, SK on has tapped local securities firms for a short-term loan of more than 1 trillion won for use for two to three months.
SK on had planned to hold a tender for pre-IPO fundraising of around 4 trillion won this month
Preliminary bidders had included Carlyle, KKR, BlackRock and Singapore¡¯s sovereign wealth fund GIC amid heated anticipation for the battery maker with ambitious expansion plans in the United States and Hungary.
But conditions have quickly soured from the time of preliminary bids in January amid fast rises in interest rates and spike in raw materials behind batteries.
SK has tapped short-term loans to buy time for better corporate valuation for large fund-raising, to which local brokerages are said to be eagerly responding with favorable lending terms to up their chances in underwriting for the next biggest battery IPO after LG Energy Solutions.
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