Panstar Enterprise Co.,Ltd. announced that it expects to receive KRW 2.8 billion in funding from Sinil Co. Ltd.
April 18, 2019
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Panstar Enterprise Co., Ltd. (KOSDAQ:A054300) announced a private placement of series 20th unregistered unguaranteed private convertible bonds for gross proceeds of KRW 2,800,000,000 on April 19, 2019. The bonds will be issued at par. The bonds will bear a fixed coupon rate of 2% per annum and yield to maturity of 6%. The bonds will mature on April 23, 2022. The bonds will be fully converted into 2,314,049 common shares of the company at a fixed conversion price of KRW 1,210 per share. The conversion period will start on April 23, 2020 and end on March 23, 2022. The transaction will include participation from Sinil Co. Ltd. for KRW 100,000,000, Uni Logistics System Co., Ltd. for KRW 100,000,000, Proline Sea & Air Co., Ltd. for KRW 200,000,000, and individual investors Kim, Hyunkyum; Chief Executive officer for KRW 650,000,000, Kim, Moojin for 1,400,000,000, Kim, Munjeong for KRW 100,000,000, Yang, Eunseon for KRW 50,000,000, Yoo, Youngjong for KRW 100,000,000, and Kim, Seungjae for KRW 100,000,000. The subscription date and the payment date for the transaction is April 23, 2019. The transaction was approved by the board of directors of the company.
Panstar Enterprise Co., Ltd., formerly HESHBON.Co. Ltd. is a Korea-based company engaged in the manufacturing of automobile maintenance equipment. The Company's products consist of automotive lifts, including wheel alignment lifts, motorcycle lifts, scissor lifts and others; wheel equipment, including wheel aligners, wheel balancers and tire changers, as well as automatic transmission fluid (ATF) changers, exhaust gas detectors, smoke detectors, engine tune-up machines and auto consumables among others. The Company supplies its products within domestic market and to overseas markets, including France, North and South America, Australia, the Middle East and Japan.