Lotte Tour Development Co., Ltd. announced that it expects to receive KRW 63 billion in funding
January 14, 2021
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Lotte Tour Development Co., Ltd. (KOSE:A032350) announced a private placement of round 7 non-guaranteed, unsecured, privately held convertible bonds for gross proceeds of KRW 63,000,000,000 on January 15, 2021. The transaction will involve participation from new investor CCG Investment Asia Limited. The bonds bear fixed coupon rate of 2.5% per annum, yield to maturity rate of 4.5% per annum, and will mature on January 14, 2025. The bonds are fully convertible at a conversion price of KRW 15,550 per share into 4,051,446 shares for 5.5% of total shares. The conversion period starts from March 11, 2022 and ends on January 07, 2025. The transaction has been approved by the board of directors of the company. The transaction is expected to close on March 11, 2021.
Lotte Tour Development Co Ltd is a Korea-based company mainly engaged in the provision of travel services. The Company operates its business in four segments. The Travel Business segment is engaged in the sale of travel products such as packaging tours, theme tours, independent tours, honeymoon tours, golf tours, cruises and others. The Pre-Sale Agency segment mainly engages in real estate rental business. The Casino segment is engaged in the casino business. The Internet Information Service segment provides services such as airline tickets and hotel reservation services, and other travel-related services and travel information.