Panstar Enterprise Co., Ltd. announced that it expects to receive KRW 6 billion in funding from BNK Securities Co., Ltd., Investment Arm, IBK Capital Corporation
July 27, 2016
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Panstar Enterprise Co., Ltd. (KOSDAQ:A054300) announced a private placement of 17th unregistered unsecured coupon unguaranteed private convertible bonds for gross proceeds of KRW 6,000,000,000 on July 28, 2016. The bonds will be issued at par. The bonds will bear a fixed coupon rate of 1% and yield to maturity of 4%. The bonds will mature on July 29, 2019. There will be 100% conversion of bonds into the common shares of the company at a fixed conversion price of KRW 1,925 per share. The conversion period will start on July 29, 2017 and end on June 29, 2019. The transaction will include participation from new investors, BNK Securities Co., Ltd., Investment Arm for KRW 5,000,000,000 and IBK Capital Corporation for KRW 1,000,000,000. The subscription date and the payment date for the transaction is July 29, 2016. The transaction was approved by the board of directors of the company.
Panstar Enterprise Co., Ltd., formerly HESHBON.Co. Ltd. is a Korea-based company engaged in the manufacturing of automobile maintenance equipment. The Company's products consist of automotive lifts, including wheel alignment lifts, motorcycle lifts, scissor lifts and others; wheel equipment, including wheel aligners, wheel balancers and tire changers, as well as automatic transmission fluid (ATF) changers, exhaust gas detectors, smoke detectors, engine tune-up machines and auto consumables among others. The Company supplies its products within domestic market and to overseas markets, including France, North and South America, Australia, the Middle East and Japan.
Panstar Enterprise Co., Ltd. announced that it expects to receive KRW 6 billion in funding from BNK Securities Co., Ltd., Investment Arm, IBK Capital Corporation