Macquarie Korea Infrastructure Fund

MKIF

Investment portfolio

MKIF invests in landmark infrastructure assets of Korea with the objective of providing a long-term, stable income stream for MKIF’s shareholders.

Investment Portfolio

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(Record date: 31 December 2019) Investment amount1 (KRW billion)
Asset name Status Equity Sub debt Senior debt Total Ownership (%)
Gwangju 2nd Beltway, Section 1 Operating 33.1 85.22 87.3 205.6 100.0
Gwangju 2nd Beltway, Section 3-1 Operating 28.9 - - 28.9 75.0
Incheon International Airport Expressway Operating 23.6 51.7 - 75.3 24.1
Woomyunsan Tunnel Operating 5.3 - 15.0 20.3 36.0
Baekyang Tunnel Operating 1.2 - 1.2 2.4 100.0
Cheonan-Nonsan Expressway Operating 87.8 182.3 - 270.1 60.0
Soojungsan Tunnel Operating 47.1 - - 47.1 100.0
Machang Bridge Operating 33.8 79.0 - 112.8 70.0
Yongin-Seoul Expressway Operating 51.5 99.6 - 151.1 43.75
Seoul-Chuncheon Highway Operating 0.6 161.7 - 162.3 15.83
Incheon Grand Bridge Operating 54.4 241.0 - 295.4 64.05
Busan New Port Phase 2-3 Operating 66.4 193.0 - 259.4 30.0
Dongbuk Light Rail Transit Construction 35.4 47.3 - 82.7 30.0
Total   469.1 1,140.9 103.5 1,713.4  
Percentage (%)   27.4% 66.6% 6.0% 100%  
  1. Includes investment commitment of KRW 82.7bn in Dongbuk LRT Co., Ltd.; nil has been deployed.
  2. Includes KRW 3.2 bn working capital facility and KRW 50.0 bn new shareholder loans.

Summary of government support provisions

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Asset Revenue Guarantee Threshold1 Revenue Cap Threshold1 Remarks
Gwangju 2nd Beltway, Section 1 Investment cost compensation2 Target cash flow of the concessionaire guaranteed
Gwangju 2nd Beltway, Section 3-1 90% 110%  
Incheon International Airport Expressway 80% 110%  
Woomyunsan Tunnel N/A2    
Baekyang Tunnel 90% 110%  
Cheonan-Nonsan Expressway 82% 110% Partial revenue sharing in excess of 82% to 110% level
Soojungsan Tunnel 90% 110% For toll revenue below 90%, Busan Metropolitan City is obligated to compensate 91.5% of the shortfall amount
Machang Bridge 75.78% 100% 50:50 revenue sharing with relevant authority in excess of expected revenue at 100% level
Yongin-Seoul Expressway3 70% 130%  
Seoul-Chuncheon Highway3 60% 140%  
Incheon Grand Bridge 80% 120%  
  1. % of annual concession agreement projected revenue.
  2. MRG provision removed as part of capital restructuring transaction.
  3. No revenue guarantee applies if actual revenue is below 50% of the annual concession agreement projected revenue.