Bloomberg News

Woori Said to Hire Commerzbank and Wells Fargo for Loan

October 31, 2011

(Adds type of loan in second paragraph.)

Oct. 31 (Bloomberg) -- Woori Bank Co Ltd. hired Commerzbank AG and Wells Fargo & Co. to coordinate a one-year loan of at least $100 million denominated in euros and dollars, according to a person familiar with the matter.

The facility will be a so-called club loan, said the person who declined to be identified because the details are private. Terms, including size and an all-in rate, are under negotiation, the person said. The facility will be used to refinance a euro- denominated loan, according to the person.

The all-in rate, which includes margin and fees, may be in the mid-100 basis point area over the London interbank offered rate, or Libor, two other people familiar with the matter said Oct. 27.

Woori Bank signed a 170 million euro loan in November 2010, according to data compiled by Bloomberg. A 119 million euro piece of that loan matured in January and the remaining 51 million euros matures in January 2012, the data show.

--Editors: Pavel Alpeyev, Katrina Nicholas

To contact the reporter on this story: Wendy Mock in Hong Kong at wmock3@bloomberg.net

To contact the editor responsible for this story: Shelley Smith at ssmith118@bloomberg.net


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