Vessel Co., Ltd. announced that it expects to receive KRW 10.5 billion in funding from Baro Savings Bank, Hands Partners Co., Ltd., BFA Co.,Ltd., Hanyang Securities Co., Ltd., Investment Arm, Korea Securities Finance Corporation, Investment Arm
April 26, 2021
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Vessel Co., Ltd. (KOSDAQ:A177350) announced a private placement of round 5 non-guaranteed private equity convertible bonds with bearer interest for gross proceeds of KRW 6,000,000,000 and round 6 non-guaranteed private equity convertible bonds with bearer interest for gross proceeds of KRW 4,500,000,000 for aggregate gross proceeds of KRW 10,500,000,000 on April 27, 2021. The round 5 bonds will include participation from Hands Partners Co., Ltd. for KRW 1,800,000,000, BFA Co.,Ltd. for KRW 1,200,000,000, Hanyang Securities Co., Ltd., Investment Arm for KRW 1,000,000,000 and returning investor Korea Securities Finance Corporation, Investment Arm for KRW 2,000,000,000 and the round 6 bonds will include participation from Baro Savings Bank. The round 5 bonds are zero coupon bonds with no yield to maturity and the round 6 bonds bear an interest rate of 1% and yield to maturity of 3.5%. The bonds are being issued at par and will mature on April 28, 2024. The round 5 bonds are fully convertible into 1,022,146 common shares representing 9.13% stake and the round 6 bonds are fully convertible into 766,609 common shares representing 6.85% stake at a conversion price of KRW 5,870 per share from April 28, 2022 to March 28, 2024. The transaction has been approved by the board of directors of the company. The bonds are subject to a hold period of 1 year. The subscription date is on the same day and the payment date is on April 28, 2021.
VESSEL CO., LTD. is a Korea-based company mainly engaged in the manufacture of flat panel display (FPD) equipment and semiconductor equipment. The Companyâs products include line equipment in liquid crystal display (LCD), LCD in-line block controller (IBC) systems, LCD in-line transfer systems, LCD oven systems, LCD inspection systems, wire cassettes and others. Its LCD oven systems include bake ovens, spacer cure ovens, cooling buffers and others. The Company distributes its products within domestic market and to overseas markets, including China and Taiwan.
Vessel Co., Ltd. announced that it expects to receive KRW 10.5 billion in funding from Baro Savings Bank, Hands Partners Co., Ltd., BFA Co.,Ltd., Hanyang Securities Co., Ltd., Investment Arm, Korea Securities Finance Corporation, Investment Arm