DaeChang Solution Co., Ltd. announced that it expects to receive KRW 35 billion in funding
January 02, 2019
Share
DaeChang Solution Co., Ltd. (KOSE:A096350) announced a private placement of series 3 unregistered collateralized private convertible bond for gross proceeds of KRW 35,000,000,000 on January 3, 2019. The transaction will involve participation from G Mighty Asset Management Co., Ltd. The bonds will carry no coupon, bear yield to maturity of 4.5%, and will mature on March 31, 2022. The bonds will be fully convertible into 41,916,167 common shares of the company at a conversion price of KRW 835 per share for 38.64% stake in the company. The conversion period is from March 31, 2020 to February 28, 2022. The board of directors of the company approved the transaction. The subscription date is January 3, 2019 and the payment date is March 31, 2019.
DAECHANG SOLUTION CO., LTD., formerly DAECHANG METAL CO., LTD., is a Korea-based company principally engaged in the manufacture and sale of large engine parts. The Company operates its business through five segments. The Energy Converter Device segment manufactures large engine parts, large generator parts and others. The transportation and Industrial Equipment Part and Material segment produces products such as industrial structural materials, bow and stern materials, special steel ingots, among others. The Resource Mining Equipment segment produces products including mining machinery parts, ore processing plant parts, offshore plant parts and others. The Life Safety Rescue segment manufactures products such as special steel for high-risk materials, high-tech building structures, seismic safety structures and others. The Cryogenic Industry segment manufactures products consisting of cryogenic valves, cryogenic tanks, cryogenic pipes, among others.
DAECHANG SOLUTION CO., LTD. 
