Hanwha Aerospace KRW 109bn investment in Satrec Initiative
Hanwha Aerospace became the largest shareholder of Korean satellite maker Satrec Initiative, buying new shares and convertible bonds to enter the satellite market.
- Company
- Satrec Initiative
- Type
- Strategic investment
- Status
- Completed
- Date
- 30 Apr 2021
- Value
- KRW 108.92bn
- US$ equivalent
- US$95m
- Value basis
- KRW 58.9bn for 1,817,120 new shares at KRW 32,426 plus KRW 50bn of privately placed convertible bonds
- Region
- South Korea
- Segment
- Spacecraft and components
Parties
- Hanwha Aerospace investor
- Satrec Initiative issuer
Key terms
- New shares
- 1,817,120 at KRW 32,426 (third-party allotment, paid 30 Apr 2021)
- Convertible bonds
- KRW 50bn, acquired 15 Jan 2021
- Funding
- KRW 50bn loan from the Export-Import Bank of Korea plus own funds
- Holding after
- 36.64% (Hanwha Aerospace and related parties)
Sources
- Satrec Initiative major matters report: third-party share allotment (DART) dart.fss.or.kr · 13 Jan 2021
- Hanwha Aerospace disclosure: acquisition of Satrec Initiative convertible bonds (DART) dart.fss.or.kr · 13 Jan 2021
- Satrec Initiative disclosure: change of largest shareholder (DART) dart.fss.or.kr · 30 Apr 2021
Record ORB-INV-2021-0034. Investments are kept apart from the financings register and never counted in debt totals.
