Daemyung Energy Completes Payment for 40 Billion KRW Convertible Bonds and Bonds with Warrants

Daemyung Energy (CEO Seo Jong-hyun), an innovative company in renewable energy green solutions, announced on the 5th that it has completed funding worth 40 billion KRW. The company stated that the secured funds will be invested in renewable energy projects.

Daemyung Energy disclosed through a public announcement on the 5th that the payment for convertible bonds (CB) and bonds with warrants (BW) issued to EcoGreen Limited Company has been completed.

The bond maturity date is April 5, 2029, and the conversion price and exercise price are both 23,086 KRW. Both the coupon rate and maturity interest rate are 0%, which are favorable conditions for the issuer, Daemyung Energy.

A Daemyung Energy representative said, “This funding will be used for the development of the company’s core wind renewable energy business and ESS business,” adding, “We also plan to strengthen the fuel cell business development, expand the virtual power plant (VPP) business, and enhance operation and maintenance (O&M) services.”

He continued, “Participation in RE100 by domestic and international companies is continuously increasing,” and “We will actively consider renewable energy projects that can contribute to companies’ realization of RE100.”

Meanwhile, the issuance target was EcoGreen Limited Company, which solely paid the entire 40 billion KRW. EcoGreen Limited Company is a special purpose company (SPC) established by a private equity fund (PEF) of IMM Credit Solution (ICS), an affiliate of IMM Holdings, a major domestic private equity firm.