Fact Source: Financial Supervisory Service DART
Market: KOSPI (015760)
💡 3-Second Summary
KEPCO has revised its debt guarantee terms for Saudi power plant projects, lowering the total guarantee amount to KRW 1.256T and extending the guarantee period to March 2032 following the confirmation of the lender group.
📊 [Key Disclosure Contents & Major Financial Figures]
- Correction Overview
- Original Disclosure Title: Decision on Debt Guarantee for Others (Initially filed on November 20, 2024)
- Reasons for Correction: Confirmation of the lender, adjustment of guaranteed amount and percentage of equity, modification of the end date of the guarantee period, and update of total debt guarantee balance
- Key Changes (Before vs. After)
- Creditor:
- Before: Project Owner (Saudi Power Procurement Company), Lender Group (TBD)
- After: Project Owner (Saudi Power Procurement Company), Lender Group (Development Bank of Singapore)
- Debt Guarantee Amount:
- Before: KRW 1.423T (KRW 1,422,624,000,000)
- After: KRW 1.256T (KRW 1,255,584,000,000) / USD 902.0M (Exchange rate applied: 1,392.00 KRW/USD as of Nov 20, 2024)
- Ratio to Total Equity:
- Before: 3.8%
- After: 3.4% (Based on FY2023 consolidated total equity of KRW 37.265T)
- Guarantee Period End Date:
- Before: August 14, 2028
- After: March 20, 2032 (Start Date: November 28, 2024)
- Total Debt Guarantee Balance:
- Before: KRW 4.361T (KRW 4,360,664,274,062)
- After: KRW 4.194T (KRW 4,193,624,274,062)
- Details by Debtor
- Business Purpose: Parent company guarantee for equity and debt financing regarding Saudi Ruma and Nairyah combined-cycle power plant projects
- Debtors: Remal Energy Company, Naseem Energy Company (Combined figures for two project companies)
- Individual Debtor Execution Breakdown:
- Power Purchase Agreement Performance Guarantee: USD 16.0M each (Period: 2024-11-28 ~ 2028-08-14, Creditor: Saudi Power Procurement Company)
- Equity Bridge Loan Principal & Interest Repayment Guarantee: USD 120.0M each (Period: 2025-03-21 ~ 2032-03-20, Creditor: Development Bank of Singapore)
- Note: The end date for the equity bridge loan guarantee is set to 7 years from the initial drawdown date and may change based on actual drawdown and repayment timing.
📝 Editor’s Comment (Key Follow-up Checkpoint)
📌 Monitoring the Initial Drawdown Date and Potential Guarantee Period Adjustments
This correction filing reflects the adjustment of guarantee amounts and terms following the formal designation of Development Bank of Singapore as the creditor. Because the guarantee end date may change depending on the actual initial drawdown date and full repayment status, verifying the capital drawdown timing and subsequent schedule is important for understanding any potential changes to the remaining guarantee conditions. Relevant details can be verified through subsequent periodic reports or follow-up regulatory disclosures.
📢 Disclaimer & Source Notice
Source: This content has been re-structured and generated based on official corporate filing data from the Financial Supervisory Service’s DART system.
Investment Risk Warning: This information is provided for informational and linguistic reference purposes only. Under no circumstances does it constitute financial advice or a recommendation to buy or sell specific securities. All investment decisions and financial responsibilities rest entirely with the investor.
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