Itcen Co., Ltd. announced that it expects to receive KRW 13 billion in funding
August 08, 2018
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Itcen Co., Ltd. (KOSDAQ:A124500) announced a private placement of series 10 unregistered unguaranteed private convertible bonds for gross proceeds of KRW 13,000,000,000 on August 9, 2018. The transaction will involve participation from Smart No 3 Private Fund for KRW 3,575,000,000 and SGE Ace Limited for KRW 9,425,000,000. The bonds will carry annual coupon rate of 2% and have yield to maturity of 2%. The bonds will mature on August 28, 2023. The bonds will be fully convertible into 3,415,659 common shares for 17.86% of the company at a fixed conversion price of KRW 3,806 per share from August 28, 2019 to August 27, 2023. The subscription date is August 13, 2018 and the payment date is August 28, 2018. The transaction has been approved by the board of directors.
ITCEN CO.,LTD., formerly ITCEN SYSTEMS Co., Ltd., is a Korea-based company engaged in the provision of information technology (IT) services. The Companyâs services consist of system integration; IT solutions, including hardware, network/security, software, information security, image and other solutions, and IT outsourcing, including IT infrastructure, strategy, computing operation, maintenance and security management services. The Company provides its services to public, defense, education, financial, communication and other industries.
ITCEN CO., LTD. 
