Bain Capital’s refinancing of loans taken out to fund its acquisition of South Korean biotech firm Hugel is expected to close successfully, with more than 30 firms, including pension funds, mutual aid associations, and insurance companies, reportedly taking part in the deal.

The U.S.-based private equity firm refinanced existing debt with a new loan of 575 billion won ($485 million) at lower rates. The loan, bearing interest of a little over 4 percent, was provided by a consortium comprising Shinhan Bank, Mirae Asset Daewoo and Hana Bank.

Bain Capital completed the acquisition of Hugel in January 2018. It bought a 24.36 percent stake from Dongyang HC, which was then the largest shareholder, for 472.8 billion won, and also purchased new shares and convertible bonds issued by the company at a cost of 454.7 billion won. The deal was financed in part with a loan of 535 billion won.

Founded in 2001, Hugel sells botulinum toxin products under the name of Botulax, as well as hyaluronic acid fillers, and is the largest player in the South Korean botulinum toxin market. Firms involved in the refinancing were attracted by Hugel’s possible overseas business expansion.

Hugel is currently waiting for a final decision on a sales license from China’s National Medical Products Administration, with analysts confident the company could start selling its products there later this year. Industry insiders estimate that China’s botulinum toxin products market has a value of approximately 1 trillion won.

The company has also applied to sell its products in European countries and is preparing for the U.S. application process.

Hugel posted revenues of more than 200 billion won on a consolidated basis in 2019, a record for the company. Revenues declined 4 percent year-on-year to 48.3 billion won between April and June, but operating income rose 4.6 percent to 14.8 billion won. (Reporting by Hye-ran Kim)