Korea Line : Decision to Increase Short-term Borrowings
March 24, 2022 at 10:06 pm EDT
Share
Decision to Increase Short-term Borrowings
1. Details of short-term borrowings
Amount of borrowings (KRW)
100,000,000,000
Equity capital (KRW)
1,037,887,845,082
Ratio to equity capital (%)
9.63
Classified as a large-sized corporation?
Yes
2. Details of change in total short-term borrowings (KRW)
Before borrowing
After borrowing
- Commercial paper (KRW)
10,000,000,000
10,000,000,000
- Borrowings from financial institutions (KRW)
43,656,800,000
43,656,800,000
- Overdraft limit (KRW)
-
-
- Borrowings from a person other than a financial institution (KRW)
-
-
- Privately placed bonds (maturities of not more than one year) (KRW)
3,800,000,000
3,800,000,000
- Other borrowings (KRW)
100,000,000,000
200,000,000,000
- Total amount of short-term borrowings (KRW)
157,456,800,000
257,456,800,000
3. Purpose of borrowings
To lend facility investment funds to affiliates
4. Type of borrowings
Borrowings from other sources than financial institutions
5. Date of board resolution (decision date)
2022-03-23
- Attendance of outside directors
Present(No.)
4
Absent(No.)
0
- Attendance of auditors (members of Audit Committee who are not outside directors)
-
6. Subject to reporting to the Fair Trade Commission?
Yes
7. Other matters to be factored into investment decisions
1. This disclosure is being made following the Company's borrowing of KRW 100 billion from SM Line Corporation, and 4,430,792 shares of Korea Shipping Corporation's common stock have been provided as collateral for this borrowing transaction (the collateral limit is 150% of the borrowed amount)
2. The borrowing period is from March 24, 2022 to December 23, 2022, and the Company plans to borrow KRW 30 billion on March 24, 2022, KRW 50 billion on April 28, 2022, and KRW 20 billion on July 28, 2022, respectively.
3. Additional Commitment
1) Establishment of pledge right to deposit account at real estate sales site
2) Provision of additional collateral, such as ships, if it is unclear whether the pledge to the account for receiving installment income is uncertain due to sluggish real estate sales
4. For the "Details of changes in total short-term borrowings" above, the basic exchange rate (1 USD = KRW 1,221.40) initially announced on the date of resolution of the board of directors (March 23, 2022) has been applied, and the amount before borrowing is the amount as of the day before the disclosure date.
5. The "Equity capital" above is the amount obtained by adding the amount of increase/decrease, such as capital increase, until September 30, 2021 to the total equity, based on the consolidated financial statements as of the end of 2020.
6. The Company's Audit Committee consists entirely of outside directors.
7. This borrowing transaction is a transaction between affiliates, and this disclosure replaces the large-scale insider transaction disclosure submitted to the Fair Trade Commission.
※Related disclosure
-
Attachments
Original Link
Original Document
Permalink
Disclaimer
Korea Line Corporation published this content on 25 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 March 2022 02:05:01 UTC.
Korea Line Corp is a Korea-based company engaged in the provision of marine transportation services. The Company operates a fleet of carriers, including bulk carriers for iron ore, liquefied natural gas (LNG) carriers for natural gas, and tankers for oil and petroleum products. The Company is also involved in the import and export of products such as steel; iron ore production; mold making; government ordered construction; ship management and parts supply and other businesses.