Looking to Lead Acquisition Financing Market
KB Kookmin Bank announced on Dec. 23 that it has completed the arrangement of U.S. pipeline acquisition financing worth 620 billion won.
The deal involved arranging financing to acquire a 35 percent stake in Texas Express Pipeline, a natural gas liquids (NGL) pipeline company in Texas, the United States. KB Koomin Bank has partnered with Korean private equity fund IMM Investment and U.S. private equity fund ArcLight for the deal. Texas Express Pipeline has been in operation since 2013 as the 956-kilometer core NGL pipeline connecting the Skellytown area of Texas and Mont Bellevue, the largest NGL hub in the United States.
KB Kookmin Bank was selected as a leading financing arranging institution together with the Industrial and Commercial Bank of China and will arrange senior takeover financing amounting to US$530 million. After closing the transaction, the two banks will develop currency swaps and carry out syndication for Korean and foreign banks, insurance companies, loan funds, and pension funds.
“We will continue to take full advantage of the KB Financial Group's CIB capabilities to lead the acquisition banking market and discover new businesses,” said Oh Bo-yeol, CEO of KB Kookmin Bank's CIB Customer Group.