JINSUNG T.E.C., Inc. announced that it has received KRW 14 billion in funding.
December 26, 2013 at 11:00 pm EST
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JINSUNG T.E.C., Inc. (KOSDAQ:A036890) announced a private placement of series 1 unregistered coupon unsecured subordinated convertible bonds for gross proceeds of KRW 14,000,000,000 on December 24, 2013. The bonds will be issued solely to KO Stone No. 8 PEF. The bonds bear a 4% yield to maturity and will mature on December 27, 2016. The bonds are convertible into registered common shares of the company at KRW 6,700 per share. The conversion period will start on December 27, 2014 and end on December 26, 2016. The transaction was approved by the board of directors. The payment date for the transaction is December 27, 2013.
On December 27, 2013, JINSUNG T.E.C., Inc. closed the transaction.
JINSUNG T.E.C. is a Korea-based company mainly engaged in the manufacture and distribution of rollers used in the construction equipment. The Company's products consist of rollers including track rollers and carrier rollers, idlers including front idlers, roll forging idlers, track spring assemblies and others, as well as sprockets, which are used to support the heavy weight of caterpillar parts of heavy construction equipment. The Company also provides other under-carriage manufacturing equipment components. The Company distributes its products within domestic market and to overseas markets, including America, Japan, China and others.
JINSUNG T.E.C., INC. 
