STX Engine Co., Ltd. announced that it expects to receive KRW 100 billion in funding.
March 03, 2014 at 11:00 pm EST
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STX Engine Co., Ltd. (KOSE:A077970) announced a private placement of 10th registered/unsecured convertible bonds for gross proceeds of KRW 100,000,000,000 on March 4, 2014. The bonds will mature on December 31, 2017. The bonds will carry coupon rate of 2% and yield to maturity of 5%.
The company will redeem the lump-sum amount on maturity. The bonds are convertible into the common shares of the compny at KRW 2,500 per share. The conversion period will be from March 5, 2015 to December 30, 2017.
STX Engine Co.,Ltd. is a Korea-based company mainly engaged in the manufacture of diesel engines. The Company's product portfolio consists of marine diesel engines, which are used for liquefied natural gas (LNG) vessels, oil tankers, container carriers and others; power plants, including medium-speed diesel power plants and low-speed diesel power plants, and military diesel engines, including navy vessel engines, maritime police engines and others. It also engages in the manufacture of electronic communication equipment, such as underwater acoustics, radar systems, tactic communication systems, battle systems, ship automation systems and compromising trade systems.
STX ENGINE CO.,LTD. 
