Daeho Al Co.,Ltd. announced that it expects to receive KRW 5 billion in funding from KB Securities Co., Ltd., Investment Arm
January 13, 2020
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Daeho Al Co.,Ltd. (KOSE:A069460) announced a private placement of 13 debentures types of bearer meals book private non-guaranteed convertible bonds for gross proceeds of KRW 5,000,000,00 on January 14, 2020. The transaction will include participation from KB Securities Co., Ltd., Investment Arm. The bond will mature on January 15, 2023 The bonds will carry surface interest rate and term interest rate of 2%. The interest payment method interest on the bond shall be calculated from the date of issue up to the day before the repayment date of principal. The surface interest rate on the amount of the electronic registration of the debenture every three months of interest payment due date. The bonds are fully convertible into 1,615,508 common shares for 5.6% stake in the company at KRW 3,095 per share. The conversion period will be from January 15, 2021 to December 15, 2022. The subscription date is January 14, 2020 and the payment date is January 15, 2020. The bonds will be issued at par.
DAEHO AL CO.,LTD. is a Korea-based company mainly engaged in the manufacturing and distribution of aluminum products. The Company mainly provides aluminum circle sheets, which are used for kitchenware, and aluminum coils used for electricity and electronic products and automobile parts. It is also engaged in the provision of steel products for construction and structural products. In addition, the Company is involved in the processing business for railroad cars. The Company distributes its products within domestic market and to overseas markets.