Seojin System Raises 62.5 Billion Won from Neo Young, San Jose, and Helios

KOSDAQ-listed Seojin System (CEO Jeon Dong-kyu) is undertaking a large-scale fundraising of 62.5 billion won in total.

On the 24th, Seojin System announced through a public disclosure that it has decided to issue bearer, coupon-bearing, unsecured private placement perpetual convertible bonds (41st issue).

The investors paying funds through this perpetual convertible bond are a total of 3 entities: Corporation Neo Young for 30 billion won, (LLC) San Jose Investment Purpose Company (tentative name) for 22.5 billion won, and Helios No. 10 M&A Private Equity Limited Partnership for 10 billion won.

Of the funds raised, 32.5 billion won was allocated for facility funds, and 30 billion won for operating funds, respectively. Seojin System plans to invest these funds in equipment investments for U.S. ESS (Energy Storage System) and semiconductor equipment manufacturing facilities, as well as the purchase of raw materials.

The payment date for this bond is upcoming September 4, and the maturity date is September 4, 2056 (30-year maturity). The coupon rate is 2.0% per annum, and the yield to maturity is 5.0% per annum compounded annually.