Hyundai Merchant Marine Co.,Ltd. announced that it expects to receive KRW 704.3 billion in funding from Korea Shipping and Maritime Transportation Co.,Ltd.
March 06, 2017
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Hyundai Merchant Marine Co.,Ltd. (KOSE:A011200) announced a private placement of 13,943,850 shares and 191st series unregistered coupon unguaranteed private convertible bonds for gross proceeds of KRW 704,299,998,000 on March 7, 2017. The company will issue 13,943,850 shares at KRW 7,480 per share for gross proceeds of KRW 104,299,998,000 and bonds for KRW 600,000,000,000. The bonds have fixed interest rate of 3% and will mature on March 8, 2047. The bonds are convertible into 80,021,339 common shares at KRW 7,498 per share representing 30.8% of total shares from March 9, 2018 to February 8, 2047. The transaction will include participation from existing investor Korea Shipping and Maritime Transportation Co.,Ltd. The shares have par value of KRW 5,000 per share and will be issued at premium. The shares have a lock up period of one year. The shares will be allotted through third party allotment method. The share allotment is expected to be completed by March 31, 2017 and allotment of bonds is expected to be completed by March 9, 2017. The transaction has been approved by board of directors of the company.
HMM Co Ltd, formerly Hyundai Merchant Marine Co Ltd, is a Korea-based company specialized in the provision of shipping services. The Company operates its business through three segments. The Container segment provides dangerous cargo service, reefer cargo services, over-sized cargo service and others. Its container services provide container carrier transportation services, which include transpacific services, Asia-Europe services, transatlantic services, intra-Asia services and Latin America services. The Bulk segment provides transportation services with vessels such as tankers, liquid natural gas (LNG) carriers, liquid petroleum gas (LPG) carriers and trampers for LNG, LPG, steel mills, power plants, coals and iron ores suppliers. The Other segment engages in the terminal operation.
Hyundai Merchant Marine Co.,Ltd. announced that it expects to receive KRW 704.3 billion in funding from Korea Shipping and Maritime Transportation Co.,Ltd.