SEONGAN CO., Ltd. announced that it expects to receive KRW 8 billion in funding from Sangsangin Savings Bank, Sangsangin Plus Savings Bank Co.,Ltd.
January 10, 2023
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SEONGAN CO., Ltd. announced a private placement of series 4 unregistered coupon unguaranteed unsecured private convertible bonds for the gross proceeds of KRW 8,000,000,000 on January 11, 2023. The transaction will include participation from Sangsangin Savings Bank for KRW 4,000,000,000 and Sangsangin Plus Savings Bank Co.,Ltd. for KRW 4,000,000,000. The bonds carry coupon rate of 5% and have yield to maturity of 9%. The bonds will mature on January 13, 2026. The bonds will be 100% convertible into 7,312,614 common shares of the company, representing 12.60% of the total number of shares at a fixed conversion price of KRW 1,094 per share. The conversion period is from January 13, 2024 to January 13, 2026. The transaction has a subscription date of January 11, 2023 and payment date of January 13, 2023. The transaction has been approved by the board of directors of the company. The bonds are subject to a hold period of 1 year.
On January 11, 2023, the company adjusted the minimum price from KRW 500 to KRW 766 and the debt maturity date from January 13, 2023 to January 13, 2026.
On January 12, 2023, the company changed the conversion period end date from January 13, 2026 to December 13, 2025.
Seong An Materials Co Ltd, formerly SEONGAN CO., Ltd., is a Korea-based company principally engaged in the manufacture and distribution of polyester fabrics. The Companyâs products include knit products, polyester filament yarns, polyester spun yarns, high twist fabrics, silky fabrics, spandex fabrics, sizing fabrics, various melange fabrics, breathable fabrics, mechanical fabrics, performance knit fabrics, ultra-light weight fabrics and others used for manufacturing apparels, curtains and bed covers under the brand name STARTEX and SOFSIL. The Company is also engaged in the wholesale of fabrics and dyes, as well as rental business and management business. The Company distributes its products within domestic market and to overseas markets.
SEONG AN MATERIALS CO.,LTD 
