Paxnet Demands Early Redemption of Hallyu AI Center CB... "Expecting Financial Improvement"

[Asia Economy Reporter Yoo Hyun-seok] Paxnet announced on the 8th that it has initiated the early redemption request procedure for the 9th series convertible bonds (CB) of Hallyu AI Center, aimed at financial improvement, since the second half of last year.

According to the early redemption agreement with Hallyu AI Center, Paxnet acquired a 22.08% stake through participation in Hallyu AI Center's third-party allotment paid-in capital increase last month, securing the position of the largest shareholder. Earlier this year, it decided to acquire major tangible assets such as land and buildings worth 14 billion KRW from Hallyu AI Center for the purpose of improving its financial structure.

In addition, Paxnet recently disclosed that it will sell Hallyu AI Center CB with a face value of 8 billion KRW to RNDeep for 8.69 billion KRW. The payment is scheduled to be made in three installments from the 21st of this month to the 15th of next month.

A Paxnet official stated, “With the early redemption of the 9th series convertible bonds (CB) of Hallyu AI Center, Paxnet resolved uncertainties in its financial structure, and Hallyu AI Center alleviated its burden on major debts, sharing a good outcome where both companies win.”

This content was produced with the assistance of AI translation services.