Ewon Comfortech Co., Ltd. announced that it expects to receive KRW 10 billion in funding from Sangsangin Savings Bank, Investment Arm
January 21, 2021
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Ewon Comfortech Co., Ltd. (KOSDAQ:A088290) announced a private placement of round 4 non-guaranteed private convertible bonds with bearer interest for the gross proceeds of KRW 10,000,000,000 on January 22, 2021. The transaction will include participation from new investor Sangsangin Savings Bank, Investment Arm. The bonds will mature on January 28, 2024. The bonds carry a coupon rate of 2% and interest rate to maturity 5%. The bonds are fully convertible into 1,216,101 shares each at a price of KRW 8,223 per share representing 6.54 stake in the company. The conversion period is from January 28, 2022 till December 28, 2023. The transaction has been approved by board of directors of the company. The date of payment date is January 28, 2021 and subscription date is January 22, 2021. The securities carry a hold period of 1 year from the date of issuance.
EWON COMFORTECH CO., LTD. is a Korea-based company engaged in the manufacturing of automobile parts. The Company's products portfolio consists of automobile seats, which include air suspension seats, spring suspension seats and general stationary seats; interior products, which consist of roof and side ceiling panels, luggage racks and sound absorption materials, as well as truck beds. Its products are used for commercial vehicles, trucks, buses and other motor vehicles. The Company distributes its products in both domestic and overseas markets.