Despite difficult market conditions in S. Korea, Korea Thrunet Co. Ltd. has stepped up to the plate with a KRW 120 billion privately placed securitization - the country's first transaction with an offshore special purpose vehicle.

Thrunet, S. Korea's largest cable-modem broadband Internet-access service provider and a major provider of enterprise network services, securitized receivables from customers in its Enterprise Network Services business. Bank of America structured the deal and Hyundai Securities Co. Ltd placed the transaction.

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