NHN KCP Renews Debt Guarantee for SM Steel Worth 72 Billion Won, 23.95% of Equity
NHN KCP has decided to renew its debt guarantee agreement for one year in connection with SM Steel's Shinhan Card corporate purchase card service contract.
The guarantee amount is 72 billion won, equivalent to 23.95% of equity of 300.7 billion won, and the total guarantee balance increases to 103.5 billion won.
As of 2025, debtor SM Steel reported total assets of 686.9 billion won, total equity of 328.9 billion won, and a net loss of 5.5 billion won, with an unqualified audit opinion.
NHN KCP has a capital replenishment agreement with Samra, a major shareholder of SM Steel, to secure funds if the guarantee is triggered.
[AI Summary]The renewal of NHN KCP's debt guarantee for SM Steel is an extension of an existing relationship with no new capital raising or shareholder dilution. However, the total guarantee balance at 34.4% of equity warrants monitoring of the debtor's credit risk, and the event is neutral for investors.