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nature of the asset
The Baekyang Tunnel is a 2.3 km, dual two-lane toll tunnel that runs underneath Baekyang Mountain in Busan Metropolitan City, providing a link between the Busan central business district and Busan port and the northern and western residential areas as well as Kimhae International Airport. The tunnel forms part of the route from Busan port to the main expressways leading north and west of Busan such as the Namhae Expressway and the New Daegu-Busan Expressway. Construction of the Baekyang Tunnel began in July 1993 and was completed in January 1998. The tunnel has been in operation since July 1999.
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nature of the investment
MKIF has invested into Baekyang Tunnel Ltd. (“BYTL”), the concessionaire of Baekyang Tunnel, in the form of equity and senior loans. MKIF has 100% of the equity and 0.8% of the total secured senior debt raised by BYTL. MKIF’s total investment to BYTL is KRW2. 9 billion.
Length: 2.3 km
Capacity: 4 lanes in both directions
Toll rate: KRW 800 - Small vehicles
Government authority: Busan City Government
Concession term: 25 years (18 years remaining)
Guarantee duration: 25 years
Concession term commencement: January 2000
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