Panstar Enterprise Co.,Ltd. announced that it has received KRW 5 billion in funding
October 29, 2017
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Panstar Enterprise Co.,Ltd. (KOSDAQ:A054300) announced a private placement of 18th series unregistered and unsecured private convertible bonds for gross proceeds of KRW 5,000,000,000 on October 30, 2017. The transaction included participation from BNK Securities Co., Ltd. for KRW 4,000,000,000 and IBK Capital Corporation for KRW 1,000,000,000. The bonds carry coupon rate of 2% and yield to maturity of 6%. The bonds have maturity date of October 30, 2020. The bonds are convertible into 7,072,135 common shares of the company at a conversion price of KRW 707. The conversion period is from October 30, 2018 to September 30, 2020. The subscription and payment date is October 30, 2017. The transaction was approved by board of directors of the company.
Panstar Enterprise Co., Ltd., formerly HESHBON.Co. Ltd. is a Korea-based company engaged in the manufacturing of automobile maintenance equipment. The Company's products consist of automotive lifts, including wheel alignment lifts, motorcycle lifts, scissor lifts and others; wheel equipment, including wheel aligners, wheel balancers and tire changers, as well as automatic transmission fluid (ATF) changers, exhaust gas detectors, smoke detectors, engine tune-up machines and auto consumables among others. The Company supplies its products within domestic market and to overseas markets, including France, North and South America, Australia, the Middle East and Japan.