Kumyang Co., Ltd. announced that it expects to receive KRW 17 billion in funding from SUSUNG ASSET MANAGEMENT Co., Ltd., Mirae Asset Daewoo Co., Ltd., Investment Arm, eBest Investment Securities Co., Ltd., Investment Arm
August 07, 2020
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Kumyang Co., Ltd. (KOSE:A001570) announced a private placement of series 41 unregistered coupon nonguaranteed private convertible bond for gross proceeds of KRW 17,000,000,000 on August 7, 2020. The transaction will include participation from existing investor SUSUNG ASSET MANAGEMENT Co., Ltd. for KRW 2,500,000,000, Synergy-NH Mezzanine Blind New Technology Business Fund 1 for KRW 800,000,000, Synergy Begin Again New Technology Business Fund for KRW 200,000,000, Mirae Asset Daewoo Co., Ltd., Investment Arm for KRW 1,000,000,000, eBest Investment Securities Co., Ltd., Investment Arm for KRW 1,000,000,000, and other investors for KRW 11,500,000,000. The coupon rate on bonds is 1% and interest rate to maturity is 3%. The bonds will mature on August 11, 2025. The bonds are fully convertible into 3,620,873 common shares at a conversion price of KRW 4,695 starting from August 11, 2021 and ending on July 11, 2025. The transaction has been approved by the board of directors of the company. The bonds to be issued will have the hold period of one year, post the closing. The payment date is August 11, 2020.
Kumyang Co Ltd is a Korea-based company mainly engaged in the manufacture and sale of blowing agents. The Company operates its business through two segments. The Chemical Product Sales Business segment is mainly engaged in the manufacture and sale of rubber and synthetic resin blowing agents. In addition, the segment is engaged in the blowing agents raw materials. Besides, the segment is engaged in the manufacture and sale of blowing agents related products. The Other Sales segment is mainly engaged in the rental business.
Kumyang Co., Ltd. announced that it expects to receive KRW 17 billion in funding from SUSUNG ASSET MANAGEMENT Co., Ltd., Mirae Asset Daewoo Co., Ltd., Investment Arm, eBest Investment Securities Co., Ltd., Investment Arm