Hyosung Advanced Materials : Decision on Provision of Debt Guarantee for Others
April 11, 2022 at 08:59 am
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Decision on Provision of Debt Guarantee for Others
1. Debtor
Hyosung Quang Nam Co., Ltd.
- Relationship to company
Affiliated company
2. Creditor
Lender group with Korea Development Bank Singapore branch as agent
3. Amount of debt (borrowing) (KRW)
137,419,300,000
4. Details of debt guarantee
Amount of debt guaranteed (KRW)
137,419,300,000
Equity capital (KRW)
721,588,715,846
Ratio to equity capital (%)
19.04
Classified as a large-sized corporation?
Yes
Guarantee period
Start date
2022-04-22
End date
2025-04-22
5. Total balance of debt guarantee (KRW)
1,009,314,730,800
6. Date of board resolution (decision date)
2022-04-04
- 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 above debt guarantee is in accordance with the extension of maturity
(USD 122 million → USD 113 million) after partial repayment of Hyosung Quang Nam
Co., Ltd.'s existing borrowings.
- The debt (borrowing) amount of 3 above is the amount converted by using the
standard exchange rate as of April 4 (1USD = KRW 1,216.10) for USD 113,000,000.
- Amount of debt guaranteed of 4 above is the amount converted by applying
USD 113,000,000 at the standard exchange rate on the April 4, and the scope of
the debt guarantee includes USD 113,000,000, interest (including delayed interest)
, and other incidental expenses. Furthermore, equity capital is based on the
consolidated audit report as of the end of December 2021.
- The total balance of guarantee account (KRW) of 5 above is the guarantee limit,
which includes the unused balance, and is also converted by applying the standard
exchange rate as of the April 4.
- The date of board resolution (decision date) of 6 above is the date of decision
of the Management Committee.
- As for the "Condensed Financial Statements of the Debtor" below, the current
fiscal year is 2021, the previous fiscal year is 2020, and two fiscal years prior
is 2019.
- The period of debt guarantee below for overseas entities has been omitted as the
entities each hold multiple debt guarantees (each period of guarantee 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
242,265
185,070
57,195
46,004
113,833
18,764
Previous fiscal year
187,816
153,192
34,624
46,004
15,983
-8,648
Two fiscal years prior
136,498
102,673
33,825
33,741
2,035
-918
[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
60,805,000,000
-
-
Hyosung
Steelcord
(Qingdao)
Co., Ltd.
Affiliated company
122,667,406,000
-
-
Hyosung Vietnam
Co., Ltd.
Affiliated company
236,774,670,000
-
-
Hyosung Quang
Nam Co., Ltd.
Affiliated company
242,003,900,000
-
-
GST Global GmbH
Affiliated company
175,511,080,800
-
-
GST Automotive
Safety(Changshu)
Co., Ltd.
Affiliated company
44,022,820,000
-
-
Global Safety
Textiles LLC
Affiliated company
12,161,000,000
-
-
GST Safety
Textiles RO
S.R.L.
Affiliated company
87,030,288,000
-
-
Hyosung
Luxembourg S.A.
Affiliated company
28,338,566,000
-
-
※ Relevant statutes
Financial Investment Services and Capital Markets Act
Attachments
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Disclaimer
Hyosung Advanced Materials Corporation published this content on 11 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 April 2022 07:58:06 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.