Homecast Co., Ltd. announced that it expects to receive KRW 21.22 billion in funding.
March 31, 2014 at 12:00 am EDT
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Homecast Co., Ltd. (KOSDAQ:A064240) announced a private placement for total gross proceeds of KRW 21,222,000,000 on March 31, 2014. The company will issue 8th unregistered/unsecured private convertible bonds for gross proceeds of KRW 20,000,000,000 and 400,000 treasury shares at KRW 3,055 for gross proceeds of KRW 1,222,000,000. The bonds will carry a yield to maturity of 8%, annual coupon of 4%, and will mature on March 31, 2017. The bonds are convertible in full into common shares of the company at KRW 2,980 per share between March 31, 2015 and February 28, 2017. The company will issue the treasury shares on April 1, 2014.
On the same day, the company issued bonds for gross proceeds of KRW 20,000,000,000 in its first tranche.
HOMECAST CO.,LTD. is a Korea-based company specialized in the manufacture of set top boxes (STBs). The Company mainly engaged in the provision of digital STBs and STB components. The company provides its products under the brand name of HOMECAST. The Company distributes its products within domestic market and to overseas markets, including India, China, Japan, Middle East, Africa, Europe and Oceania countries.