This article was displayed on the ChosunBiz MoneyMove (MM) site at 4:52 p.m. on Apr. 03, 2026.
Mirae Asset Securities is in talks to provide a 50 billion won loan to a subsidiary of Contentree JoongAng, an affiliate of JoongAng Group that is focusing on securing liquidity. This is separate from the 300 billion won loan under discussion with global private credit fund (PDF) Ares Management.
According to the investment banking (IB) industry, Mirae Asset Securities is negotiating detailed terms with JoongAng Group to execute a 50 billion won loan. The borrower would be SLL JoongAng, a subsidiary of Contentree JoongAng.
Contentree JoongAng is pursuing a plan to repay SLL JoongAng's investment funds by securing private credit from Ares Management, but negotiations are reportedly struggling. Ares is demanding a high interest rate reaching 15% per year and is imposing strict terms such as a ban on fully drawing down the loan and requirements for additional collateral.
As talks with Ares are delayed, the industry views JoongAng Group as broadening its funding channels to parties including Mirae Asset Securities to diversify financing. Mirae Asset Securities is said to be planning to apply a significantly lower interest rate than Ares Management.
However, a Mirae Asset Securities official said, "We will begin full-fledged discussions on whether to extend the loan only after Ares's investment is decided to some extent," adding, "Even if we inject 50 billion won, these funds will be used for SLL JoongAng's business investment, not for JoongAng Group's debt repayment." The point is that it is a completely separate deal from Ares's 300 billion won investment.
Mirae Asset Securities is reportedly reviewing a plan to take equity stakes in affiliates held by SLL JoongAng as collateral for the loan. But with a substantial portion of JoongAng Group affiliates' stakes already pledged here and there as collateral, questions are being raised about the effectiveness of setting such collateral.
An IB industry official analyzed, "Rather than for collateral value, it appears intended to secure equity in a symbolic affiliate of JoongAng Group to justify the loan."
Meanwhile, JoongAng Group must resolve the maturity of Contentree JoongAng's convertible bond (CB) repayment coming due on the 30th. In 2021, Contentree JoongAng received about 100 billion won in the form of a CB from domestic private equity fund JKL Partners and must repay 118 billion won including interest. The maturity has already been extended twice.
Contentree JoongAng's subsidiary SLL JoongAng also must repay 300 billion won in investment funds from Praxis Capital Partner and interest by this month. If it receives investment from Ares, it plans to repay 130 billion won first. Based on that premise, Praxis has agreed to extend the acquisition financing maturity by three months.