Pusan Cast Iron Co., Ltd. announced that it expects to receive KRW 10 billion in funding from Seoul Finance Club
October 04, 2020
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Pusan Cast Iron Co., Ltd. (KOSE:A005030) announced a private placement of round 7 non-guaranteed private convertible bonds for gross proceeds of KRW 10,000,000,000 on October 5, 2020. The transaction will include participation from Seoul Finance Club. The bonds are fully convertible into 19,841,269 common shares of the company at conversion price of KRW 504 per share which represents 46.76% of the stake in the company. The conversion period starts at November 17, 2021 and ends at October 17, 2023. The maturity date of bonds is November 17, 2023. The payment date is November 17, 2020 and subscription date is October 5, 2020. The bonds will carry an interest rate of 5% and coupon rate of 3.5% in the transaction. The transaction has been approved by the board of directors of the company.
PUSAN CAST IRON CO., LTD. is a Korea-based company mainly engaged in the manufacturing of automobile components. The Companyâs main products consist of crank shafts, normal form (NF) carriers, knuckles, housings, differential cases, differential carriers, forks, brake carriers, rear carriers, brackets, hubs, truck drums, brake bridges, brake spiders, caliper discs, hub wheels, brake frames, bearing caps, caliper brakes and other automobile components. In addition, the Company provides engine materials and scrap irons. The Companyâs products are mainly used as parts for automobile brakes, engines and power transfer units. It distributes its products within domestic market and to overseas markets.