Dec 1 2010
Finetex EnE, Inc., a Korea based manufacturer of electrospun nano fibers, disclosed November 25, 2010 that its Board of Directors has approved the terms of a private issue of Convertible Bonds to GE Capital valued at $10 million.
The anticipated subscription date is November 26, 2010. The key terms of the investment are as follows: Investment amount - $10 million, Investment instrument: Convertible Bond, Investment maturity: 4 years, Coupon amount: variable, averaging 7.5%.
“We’re thrilled at the confidence expressed by GE in our vision to become a world-leading company in providing nano-structured material,GE Capital to Invest $10 Million Dollars in Nano Fiber Technology Company Finetex EnE, Inc,” said JC Park, President and CEO of Finetex.
“Nano fiber is the next generation of filtration technology in a variety of industries, such as Energy, Water, Transportation and Healthcare, where GE is recognized as a world leading company,” said Donald Cho, EVP and Chief Marketing Officer, Finetex. “We look forward to working with GE to explore the many applications of this technology and accelerate the development of our business.”
Source: http://www.ftene.com/