SEOUL -- Korean foundry startup Dongbu Electronics Co. Ltd. today announced it has secured $410 million through a syndicated loan, with funding coming from 10 financial institutions led by the Korean Development Bank.
"This new funding will be used to purchase state-of-the-art equipment to expand the monthly production capacity at our Eumsung fab to 20,000 eight-inch wafers during the first half of 2002," said Wesley Min, chief operating officer for Dongbu. "We anticipate raising additional funding early next year to further expand our monthly capacity to more than 40,000 wafers."
Min said Dongbu's next round of equity financing would target institutional investors as well as certain key foundry customers, which will be granted a guarantee of production capacity in addition to common stock.
Privately-held Dongbu Electronics said it has secured a total of nearly $1 billion through equity financing and syndicated loans, including the new syndicated loan announced today. The Korean foundry company announced qualification of a low-voltage 0.18-micron logic CMOS process in November (see Nov. 14 story), about seven months after ramping its first 0.25-micron technology into volume production in its 200-mm fab. A major backer of the foundry is Toshiba Corp. of Japan, which has licensed processes and rights to design libraries as well as invested money in Dongbu's fab in return for a portion of its capacity (see July 3, 2000, story).
Dongbu said it is now on track to qualify a 0.13-micron foundry process in the third quarter of 2002.
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