Castec Korea Co.,Ltd announced that it expects to receive KRW 34.999999811 billion in funding from Shanghai Wobi Investment & Advisory Corporation
May 08, 2018
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Castec Korea Co.,Ltd (KOSDAQ:A071850) announced a private placement of 4,239,983 common shares at a price of KRW 4,717 per share for gross proceeds of KRW 19,999,999,811 and series 3 unregistered coupon unguaranteed private convertible bonds for gross proceeds of KRW 15,000,000,000 for total proceeds of KRW 34,999,999,811 on May 19, 2018. The transaction will include participation from Shanghai Wobi Investment & Advisory Corporation. The securities will be issued at par. The bonds carry no coupon and yield to maturity of 3%. The bond would mature on July 23, 2021. The bonds are convertible into 2,838,221 common shares of the company at a conversion price of KRW 5,285 per share. The conversion will start on July 23, 2019 and end on June 23, 2021. The transaction is expected to close on July 23, 2018. The securities to be issued are subject to a hold period of one year. The transaction has been approved by the board of directors of the company.
CASTEC KOREA CO.,LTD is a Korea-based company principally engaged in the manufacture and distribution of automobile parts. The Companyâs products portfolio consists of turbo charger system parts, such as turbine housings and center housings, air conditioner compressor parts, electrical parts, such as scroll and rotary parts, cylinders, main bearings, cranks shafts and others, automotive parts, pump and motor parts, as well as other automobile parts, such as braking disks, caliper housing, knuckles and others. It distributes its products within domestic market and to overseas markets.
CASTEC KOREA CO.,LTD 
