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nature of the asset
The Cheonan-Nonsan Expressway is an 81.0 km, dual two-lane toll expressway between Cheonan and Nonsan, connecting the northwestern and southwestern provinces of Korea as part of the national highway system. It has two major tunnels, 44 bridges and seven interchanges. Construction commenced in December 1997 and was completed in December 2002. The Cheonan-Nonsan Expressway has been in operation since December 2002.
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nature of the investment
MKIF has invested into Cheonan Nonsan Expressway Co., Ltd. (CNEC), the concessionaire of Cheonan Nonsan Expressway, in the form of equity and subordinated loans. MKIF is a 60.0% shareholder of CNEC, and provided subordinated loans of KRW182.3 billion. MKIF’s total investment in CNEC is KRW270.0 billion.
Length: 81.0 km
Capacity: 4 lanes in both directions
Toll rate: KRW 8,000 - Small vehicles
Government authority: Ministry of Land, Transport and Maritime Affairs
Concession term: 30 years (25 years remaining)
Guarantee duration: 20 years
Concession term commencement: December 2002
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