This article was posted on the ChosunBiz MoneyMove (MM) site at 1:31 p.m. on Feb. 25, 2026.
DN Solutions (formerly Doosan Machine Tools) has confirmed that Mirae Asset Securities and NH Investment & Securities will co-arrange a 1.1 trillion won acquisition financing refinancing. Five securities firms entered the bidding for this refinancing and competed fiercely, and Mirae Asset–NH Investment & Securities, which offered an interest rate of about 4.4% per year, won the bid (related article ☞ https://biz.chosun.com/stock/market_trend/2026/02/12/C35DBDJQDNE53NJFXI3WTBPFZQ/ 1 trillion won-scale DN Solutions refinancing, intense competition... late-4% interest rates).
In particular, Mirae Asset Securities, which took on 800 billion won of the total volume, is said to have aggressively marketed the deal even using funds from issued promissory notes. Some analysts say that low arranging fees make it difficult to meet interest rate conditions when selldown occurs, but Mirae Asset Securities said there is no problem because many institutions are already lined up to take the volume.
According to the investment banking industry on the 25th, DN Solutions recently selected Mirae Asset Securities and NH Investment & Securities as arrangers for the acquisition financing refinancing.
DN Solutions was formerly Doosan Machine Tools. In 2022, DN Automotive acquired it from MBK Partners for 2.4 trillion won. DN Automotive used 1.6 trillion won in acquisition financing at the time, and in August 2024 it refinanced a total of 800 billion won. That acquisition financing was solely arranged by Korea Investment & Securities Co., with an interest rate in the low-5% range and a maturity in August of this year.
The size of this refinancing is a total of 1.1 trillion won and the maturity is two years. It consists of a 1 trillion won term loan and a 100 billion won revolver (RCF). As it is the first refinancing of 1-trillion-won scale in a long time, all five candidates reportedly offered mid-to-high 4% annual interest rates and competed fiercely.
Mirae Asset–NH Investment & Securities, which was chosen by DN Solutions as the final winner, is said to have proposed an interest rate of about 4.4%. However, because the rate is linked to corporate bonds, it is understood to have risen to about 4.6–4.7% under current conditions.
The market is paying particular attention to Mirae Asset Securities' aggressive move. NH Investment & Securities will arrange only 300 billion won to be distributed among affiliates, and Mirae Asset Securities will arrange the remaining 800 billion won.
Mirae Asset Securities is said to plan to draw 400 billion won of the 800 billion won from issued promissory notes. It is likely to raise 200 billion won with its own capital and selldown the remaining 200 billion won.
It is interpreted as somewhat aggressive for a securities firm to source refinancing funds from issued promissory notes, because issued promissory notes are a short-term funding tool with short maturities.
Some analysts say that the very low arranging fee of 40 basis points increases the selldown burden. The arranging fee is the arranger's "share" and serves as the margin that allows adjustment of interest rate conditions when selldown occurs later. Therefore, if the fee is low, there is almost no margin, and if the market trembles even slightly, the volume may not sell at the promised interest rate. In that case, the arranger must either raise the rate on the selldown volume or complete the selldown by lowering the price even if it incurs a loss.
However, a Mirae Asset Securities official said, the arranging fee had already been set at 40 basis points before this refinancing, and added, "Unless it is a deal that selldown does not go well for, the DN Solutions acquisition financing is so popular that there is no problem."