This article was displayed on the ChosunBiz MoneyMove (MM) site at 5:45 p.m. on Feb. 11, 2026.
DN Solutions (formerly Doosan Machine Tools) is pushing ahead with refinancing of acquisition financing worth about 1 trillion won, and five institutions are said to be participating and competing. The interest rate is expected to be set in the high 4% range per year.
According to the investment banking (IB) industry on the 11th, DN Solutions is said to be in the final review to select an arranger for the acquisition financing refinancing. It plans to finalize the decision soon and notify the result.
The predecessor of DN Solutions is Doosan Machine Tools. In 2022, DN Automotive acquired it from MBK Partners for 2.4 trillion won.
At the time, DN Automotive used 1.6 trillion won in acquisition financing and refinanced a total of 800 billion won in Aug. 2024. Korea Investment & Securities Co. solely arranged the acquisition financing, with the interest rate set in the low 5% range and the maturity scheduled for Aug. this year.
Initially, the market expected the refinancing rate to be set in the 5%–6% range. Currently, most corporations' acquisition financing rates exceed 6%. However, five securities firms actually participated in the bidding, spurring competition, and as a result, the rate is likely to be set lower than expected. Securities firms are leading the competition, and banks are said to have little interest.
According to the industry, multiple securities firms are understood to have proposed rates in the 4% range per year. Some securities firms reportedly offered an annual rate of 4.7% with a 40 bp arranging fee.
An IB official at a securities firm said, "Since Korea Investment & Securities Co. launched its investment management account (IMA) product, it has been stepping up its offensive in the acquisition financing market on the back of strong capital," and added, "Rivals are rushing to expand their sales in response."
As DN Solutions' refinancing gains momentum with strong demand, attention is turning to follow-up tasks such as an initial public offering (IPO). DN Solutions pushed for a listing late last year but withdrew. It did not get the offering price it wanted, so it could not meet the expected internal rate of return (IRR) of Korea Investment Private Equity (PE), a major shareholder that invested 400 billion won. The company had planned to pursue an IPO again this year, but now it faces another stumbling block in the form of large corporate duplicate-listing regulations.