Seohee Construction Co., Ltd. announced that it expects to receive KRW 25 billion in funding from YooSung TNS Co., Ltd., Apple of the Eye Co., Ltd., ENB Housing Co., Ltd., and other investors
February 06, 2018
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Seohee Construction Co., Ltd. (KOSDAQ:A035890) announced a private placement of unregistered coupon unguaranteed private convertible bonds for gross proceeds of KRW 25,000,000,000 on February 7, 2018. The transaction will include participation from returning investors YooSung TNS Co., Ltd. (KOSDAQ:A024800) for KRW 13,000,000,000, Apple ENC Co., Ltd. for KRW 3,500,000,000, Apple of the Eye Co., Ltd. for KRW 4,500,000,000, ENB Housing for KRW 1,000,000,000, and individual investors including Lee, Bong-Kwan for KRW 1,500,000,000, Lee, Eun-Hui, Lee, Sung-Hui, and Lee, Dohee for KRW 500,000,000 each respectively. The bonds will be issued at par. The bonds will have a fixed interest rate of 5% per annum and yield to maturity of 5%. The bonds will mature on February 13, 2021, with lump-sum redemption of principal on the maturity date. The bonds will be 100% convertible into common shares of the company at a fixed conversion price of KRW 1,242 per share. The transaction is expected to close on February 13, 2018.
On February 13, 2018, the company announced that it has changed the conversion price of the bond from KRW 1,242 to KRW 1,339.
YOOSUNG T&S CO., LTD is a Korea-based company mainly engaged in the logistics and steel products manufacturing businesses. The Company operates its business through three main divisions: logistics division, steel division and distribution division. Its logistics division provides road and railway transportation of steel products, containers and other bulk cargos; harbor services, including loading and unloading services; vehicle maintenance and repair services; gas filling services, as well as office rental services. Its steel division manufactures steel pipes, steel sheets and others, which are used for bridges, ships, steel structures, automobiles, factories, ports and others. Its distribution division operates resting places, which distribute food, beverages and others. It also provides heat exchangers, as well as sells electrical and gas air conditioners.
Seohee Construction Co., Ltd. announced that it expects to receive KRW 25 billion in funding from YooSung TNS Co., Ltd., Apple of the Eye Co., Ltd., ENB Housing Co., Ltd., and other investors