Deutsch Motors Inc. announced that it expects to receive KRW 30 billion in funding from Leading Investment & Securities Co., Investment Arm and other investors
February 22, 2021
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Deutsch Motors Inc. (KOSDAQ:A067990) announced a private placement of 9th series non guaranteed Private convertible bonds for gross proceeds of KRW 30,000,000,000 on February 23, 2021. The transaction will include participation from Leading Corporate Growth Specialized private Equity Investment Trust 4 for KRW 14,000,000,000, Korea Investment Innovation Growth Scale Up Private Equity Partnership for KRW 10,000,000,000 and Leading Investment & Securities Co., Investment Arm for KRW 6,000,000,000. The securities will have a lock up period of one year. The bonds will not bear any coupon rate and yield to maturity of 1%. The bonds will mature on February 26, 2026. The bonds will be fully convertible into 4,145,937 shares of the company at a fixed conversion price of KRW 7,236 between the period of February 27, 2022 to January 26, 2026. The subscription and the payment is February 25, 2021 and February 26, 2021 respectively. The transaction has been approved at the board of directors of the company.
On February 26, 2021, the company announced that the conversion period will start from February 26, 2022 and ends on January 26, 2026.
DEUTSCH MOTORS INC. is a Korea-based company engaged in the marketing of imported automobiles. The Company mainly markets imported automobiles under the brand name BMW, such as BMW 1 series, BMW 3 series, BMW 5 series, BMW 6 series, BMW 7 series, BMW M series, BMW X series, BMW Z4 series, BMW Gran Turismo and BMW ActiveHybrid, as well as imported cars under the brand name MINI COOPER. The Company is also engaged in the sale of used automobiles and leasing business. In addition, it involves in the provision of after services, repair and other related services.
Deutsch Motors Inc. announced that it expects to receive KRW 30 billion in funding from Leading Investment & Securities Co., Investment Arm and other investors