Pulmuone Decides on 40 Billion Won Third-Party Allotment Paid-In Capital Increase

300 Billion Won in Hybrid Capital Securities to Be Issued as Well

Pulmuone, a company listed on KOSPI, announced on the 29th that it has decided to raise approximately 40 billion won through a third-party allotment paid-in capital increase to secure funds for debt repayment and other purposes.

Pulmuone logo. Photo by Yonhap News

The newly issued shares will be 3,375,812 registered redeemable convertible preferred shares (other shares) with voting rights. The issue price per share is 11,849 won, reflecting a 35% premium over the reference price of 8,777 won. The total amount to be raised is 39,999,990,000 won. The payment deadline is August 12th.

The third-party allotment recipient is NV Mezzanine Growth Equity Private Equity Limited Partnership, which will receive all 3,375,812 shares. The firm has no relation to Pulmuone or its largest shareholder and was selected to help improve the company's financial structure and secure stable funding.

The newly issued shares will be subject to a one-year lock-up period from the date of electronic registration (mandatory holding period). Pulmuone plans to use the funds raised to make an early redemption of the 60 billion won 71st convertible bonds, which were issued in September 2023.

In addition, Pulmuone will issue 30 billion won worth of hybrid capital securities. The recipient will also be NV Mezzanine Growth Equity Private Equity Limited Partnership. The maturity is until August 12th, 2056, and the coupon rate is 2% per annum.

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