Samkang M&T Co.,Ltd announced that it expects to receive KRW 15 billion in funding from Mirae Asset Daewoo Co., Ltd., Investment Arm and other investors
July 04, 2019
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Samkang M&T Co.,Ltd (KOSDAQ:A100090) announced a private placement of series 4 and series 5 unregistered coupon unguaranteed private convertible bonds for gross proceeds of KRW 15,000,000,000 and KRW 5,000,000,000, for aggregate gross proceeds of KRW 20,000,000,000 on July 5, 2019. The transaction will involve participation from Mirae Asset Daewoo Co., Ltd., Investment Arm for KRW 2,000,000,000 for series 4 bonds, Synergy Mezzanine Blind 1st New Technology Fund and Synergy Turnaround 1st New Technology Fund for KRW 2,000,000,000 each for the series 5 bonds, and other investors. The series 4 carry no coupon, have yield to maturity of 1%, and will be issued at par. The bonds will mature on July 9, 2024. The bonds will be fully convertible into 3,051,261 shares of the company, representing a 9.7% stake in the company at a fixed conversion price of KRW 4,916 from July 9, 2020 to June 9, 2024. The series 5 carry no coupon, have yield to maturity of 1%, and will be issued at par. The bonds will mature on July 12, 2024. The bonds will be fully convertible into 1,017,087 shares of the company, representing a 3.2% stake in the company at a fixed conversion price of KRW 4,916 from July 12, 2020 to June 12, 2024. The transaction has been approved by the board of directors of the company. The transaction is expected to close on July 9, 2019 and July 12, 2019 for series 4 and series 5 respectively.
SK Oceanplant Co Ltd, formerly Samkang M&T Co Ltd, is a Korea-based company mainly engaged in plant construction. The Company operates through six segments. The Plant segment is engaged in the construction of offshore and onshore plants. The Thick Steel Pipe segment is engaged in the construction of pipes for marine and architectural structures. The Repair and Remodeling segment is engaged in ship repair, remodeling and periodic inspections. The Shipbuilding segment is engaged in the construction of new ships and the production of blocks. The Special Ships segment is engaged in the construction of defense and government ships. The Other segment provides services and goods.
Samkang M&T Co.,Ltd announced that it expects to receive KRW 15 billion in funding from Mirae Asset Daewoo Co., Ltd., Investment Arm and other investors