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Shinhan joins in Australian firm's $85 mn refinancing deal

May 02, 2021 (Gmt+09:00)

(Courtesy of TEEG)
(Courtesy of TEEG)

South Korea's Shinhan Investment Corp. has participated in a A$110 million ($85 million) refinancing package for Australia's Entertainment and Education Group (TEEG), marking its direct deal sourcing for global investors.

The refinancing was arranged for Sydney-based Quadrant Private Equity, a major shareholder of TEEG, the largest indoor entertainment center operator in Australia and Southeast Asia, according to the Maeil Business Newspaper on Apr. 29.

Shinhan secured the investment deal directly from Quadrant and sold it down to unidentified global investors, using its network with the private equity firm. Back in late 2019, the Korean brokerage firm joined in acquisition financing for Quadrant. At the time, Shinhan underwrote the Korean tranche of an undisclosed sum and sold it down to domestic investors.

The latest refinancing deal proves Shinhan's improved capability for corporate finance deals, said the daily, quoting Shinhan. The company was not immediately reached for comment.

Quadrant acquired 50% of Timezone Group in 2017, jointly with the Australia-based Leisure & Allied Industries (LAI) group. Subsequently, the private equity firm purchased the bowling and entertainment division of Ardent Leisure, Australia's biggest theme park operator, to create TEEG, a joint venture between Quadrant and LAI Group.

TEEG runs indoor amusement parks, bowling alleys and other leisure centers in seven countries, including Australia and India, as well as other parts of Southeast Asia.

Yeonhee Kim edited this article.

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