Doosan Fuel Cell (336260.KS) will issue a combined 400 billion won ($276 million) in privately placed perpetual bonds to fund its North American business.
Doosan Fuel Cell decided to issue 300 billion won in perpetual convertible bonds and 100 billion won in perpetual bonds with warrants, according to a regulatory filing with the Financial Supervisory Service on the 13th. Korea Investment & Securities, KB Securities, Daishin Securities and Daishin Private Equity participated in the convertible bond investment. Korea Investment & Securities, KB Securities and Daishin Securities signed on as investors in the bonds with warrants.
The payment date is Nov. 12. The bonds mature in 30 years, with a conversion and exercise price of 43,704 won. Conversion and exercise rights can be claimed starting one year after issuance, with no refixing clause tied to share price declines.
Doosan Fuel Cell said the convertible bond issuance is intended for "operating funds, including raw material purchases, to meet fuel cell demand from customers such as artificial intelligence data centers." The 100 billion won raised through the bonds with warrants will be used to repay existing debt.