Brookfield Selects KB Kookmin Bank to Arrange Syndicated Loan for Naver AI Infrastructure

✦ Meridian Analysis

Brookfield has signed a mandate with KBKookmin Bank to lead a KRW 10.7 trn (≈ $8 bn) syndicated loan that will fund the acquisition of graphics‑processing units and related AI‑computing hardware for Naver. The financing will be channeled through a Brookfield‑established special‑purpose company, which will purchase the equipment and lease it to Naver Cloud under a long‑term agreement. KBKookmin Bank acts as the lead arranger, while Shinhan Bank, Woori Bank and Hana Bank have confirmed participation and NH Investment & Securities is weighing a seat on the syndicate. The structure is a classic project‑finance loan: the SPV is the borrower, the loan is secured against the hardware assets and the lease cash‑flows, and the interest rate is expected to sit in the high‑5 % range, although final terms remain under discussion. The transaction marks South Korea’s first sizeable GPU financing and illustrates how banks and private‑credit managers are extending credit to the hardware underpinning AI services. Key details that remain undisclosed include the exact pricing and covenant package, the tenor of the loan and any security arrangements beyond the equipment lease. Information on the final syndicate composition, regulatory approvals and the timetable for drawdown has not been provided, and will be essential for assessing the transaction’s impact on both Brookfield’s project‑finance pipeline and the Korean syndicated‑loan market.

The Meridian Weekly