Namsung Corp. announced that it expects to receive KRW 10 billion in funding from Hanyang Securities Co. Ltd., Investment Arm, SBI Savings Bank Inc., Susung Asset Management Co., Ltd.
April 25, 2017
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Namsung Corp. (KOSE:A004270) announced a private placement of 27th unregistered coupon unguaranteed private exchangeable bonds for gross proceeds of KRW 10,000,000,000 on April 26, 2017. The transaction will involve participation from new investors Hanyang Securities Co. Ltd., Investment Arm, SBI Savings Bank Inc., Susung Asset Management Co., Susung Multi-Asset Private Investment Trust A, C, C-I, C-F and C-S Class, and Alpen Route Mont Blanc 4807 Multi-Strategic Private Fund 1 Ltd for KRW 4,000,000,000, KRW 3,000,000,000, KRW 1,000,000,000, KRW 1,000,000,000, and KRW 1,000,000,000 respectively. The bonds do not carry any coupon and would mature on April 28, 2020. The bonds carry a yield to maturity of 4%. The bonds will be issued at par. The bonds will be fully convertible into 4,374,453 equity shares of the company at a fixed conversion price of KRW 2,286 per share between May 28, 2017 and March 28, 2020. The subscription and the payment date of the transaction is April 28, 2017. The transaction is approved by the board of directors of the company.
NAMSUNG CORPORATION is a Korea-based company mainly engaged in the exportation of electronic products. The Company operates in two business segments: digital electronic segment and distribution and leasing segment. Its digital electronic segment exports electronic products, including digital mobile audios, digital mobile videos, digital video disc (DVD) players, XM satellite radios, high-definition (HD) radios, navigations, liquid crystal display (LCD) monitors, wireless head phones, digital amplifiers and others. Its distribution and leasing segment operates department stores, and involves in the rental and leasing business. The Company distributes its products within domestic market and to overseas markets.
Namsung Corp. announced that it expects to receive KRW 10 billion in funding from Hanyang Securities Co. Ltd., Investment Arm, SBI Savings Bank Inc., Susung Asset Management Co., Ltd.