Hyosung Advanced Materials : Decision on Provision of Debt Guarantee for Others
March 08, 2022 at 08:11 am
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Decision on Provision of Debt Guarantee for Others
1. Debtor
Hyosung Chemical Fiber (Jiaxing) Co., Ltd.
- Relationship to company
Affiliated company
2. Creditor
Korea Development Bank
3. Amount of debt (borrowing) (KRW)
30,140,000,000
4. Details of debt guarantee
Amount of debt guaranteed (KRW)
30,140,000,000
Equity capital (KRW)
381,110,809,280
Ratio to equity capital (%)
7.91
Classified as a large-sized corporation?
Yes
Guarantee period
Start date
2022-03-10
End date
2023-03-10
5. Total balance of debt guarantee (KRW)
1,024,536,132,600
6. Date of board resolution (decision date)
2022-03-02
- Attendance of outside directors
Present (No.)
-
Absent (No.)
-
- Attendance of auditors (members of Audit Committee who are not outside directors)
-
7. Other matters to be factored into investment decisions
- The debt guarantee above is a result of the extension of maturity of the existing
borrowings of Hyosung Chemical Fiber (Jiaxing) Co., Ltd., and the lender has
changed from Korea Development/Shanghai to Korea Development/Headquarters.
-"3. Debt Amount" is the amount obtained by converting USD 25,000,000 by applying
the standard exchange rate as of March 2 (1 USD = 1,205.60 KRW).
-"4. Amount of debt guarantee" is the amount converted by applying USD 25,000,000
at the standard exchange rate as of March 2, and the scope of debt guarantee
includes USD 25,000,000 along with the interest, overdue interest, fees and all
other expenses thereto. In addition, equity capital is based on the consolidated
audit report as of the end of December 2020.
-"5. Total balance of debt guarantee" is the limit of guarantee including the
unused balance, and was converted by applying the standard exchange rate as of
March 2.
-"6. Date of board resolution (decision date)" is the date of decision of the
Management Committee.
- The current year in the "Condensed Financial Statements of Debtor" below is based
on 2020; the previous year is based on 2019; and two fiscal years prior is based
on 2018 (however, the sales and net income are the performance results from June
1, 2018, which is the date of division, through December 31, 2018 based on the
consolidated audit report).
- The period of debt guarantee for the overseas entities below has been omitted
since there are multiple debt guarantees made within the same entity
(each guarantee period is different).
※ Related disclosure
-
【Condensed Financial Statements of Debtor】(in KRW mn)
Category
Total assets
Total liabilities
Total shareholders' equity
Capital stock
Sales
Net income
Current fiscal year
283,467
119,595
163,872
148,421
271,553
7,150
Previous fiscal year
327,847
166,820
161,027
148,421
337,783
453
Two fiscal years prior
347,259
185,745
161,514
134,611
205,339
-817
[Balance of Debt Guarantee per Debtor]
Debtor
Relationship
Balance of debt guarantee (KRW)
Period of debt guarantee
Remarks
Hyosung Chemical Fiber (Jiaxing)
Co., Ltd.
Affiliated company
60,280,000,000
-
-
Hyosung
Steelcord
(Qingdao) Co.,
Ltd.
Affiliated company
121,741,294,000
-
-
Hyosung Vietnam
Co., Ltd.
Affiliated company
296,215,920,000
-
-
Hyosung Quang
Nam Co., Ltd.
Affiliated company
200,129,600,000
-
-
GST Global GmbH
Affiliated company
175,264,095,600
-
-
GST Automotive
Safety(Changshu)
Co., Ltd.
Affiliated company
43,642,720,000
-
-
Global Safety
Textiles LLC
Affiliated company
12,056,000,000
-
-
GST Safety
Textiles RO S.R.L.
Affiliated company
86,907,816,000
-
-
Hyosung
Luxembourg S.A.
Affiliated company
28,298,687,000
-
-
※ Relevant statutes
Financial Investment Services and Capital Markets Act
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Disclaimer
Hyosung Advanced Materials Corporation published this content on 08 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 March 2022 08:10:01 UTC.
Hyosung Advanced Materials Corporation is a Korea-based company mainly engaged in the production and sale of industrial materials. The Company manufactures and sells industrial yarn, tire reinforcements, airbags and carpets. Industrial yarn includes polyester yarn, nylon yarn and carpet yarn, aramid yarn and carbon fibers, among others. The carpets include carpets for cars and commercial carpets, among others. The commercial carpets consist of roll carpets, tile carpets and mats, among others. The carpets are sold under the name of Swan. In addition, the Company manufactures and sells hose wires as well as conveyor belt wires.