One of Korea’s largest operating tolled highway projects
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 of Cheonan-Nonsan Expressway began in December 1997 and was completed and tolling operation commenced in December 2002.
MKIF has invested in Cheonan-Nonsan Expressway Co., Ltd. (CNEC), the concessionaire of Cheonan Nonsan Expressway, in the form of equity, and subordinated loans. As of record date, MKIF is a 60.0% shareholder of CNEC, and has committed to provide subordinated loans of KRW 182.2 billion. MKIF’s total invested capital in CNEC is KRW 270.0 billion.
|Government authority:||Ministry of Land, Infrastructure and Transport|
|Concession term:||30 years|
|Guarantee duration:||20 years|
|Concession term commencement:||December 2002|
|Minimum Guarantee*:||82% of annual CA projected revenue|
|Revenue Cap*:||110% of annual CA projected revenue|
* Partial revenue sharing in excess of 82% to 110% level
|Capacity:||Dual two-lane in both directions|