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.”
Finetex EnE, Inc.
Finetex has two business groups. The nano-fiber technology group develops and manufactures nano-fibers used in filtration media and technical textiles. The Energy division focuses on energy efficient engineering for large HVAC buildings as well as solar energy engineering for energy systems and plants. For additional information please visit http://ftene.com.
GE (NYSE: GE) is a diversified infrastructure, finance and media company taking on the world’s toughest challenges. From aircraft engines and power generation to financial services, health care solutions, and television programming, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company’s website at http://www.ge.com.
GE Capital businesses help meet the financial needs of over 100 million customers across the globe, with products and services that range from consumer lending to financial solutions for businesses of all sizes. We also develop strategic partnerships and joint ventures that leverage GE’s industry-specific expertise in aviation, energy, infrastructure, healthcare and media to capitalize on market-specific opportunities. For more information, visit the company’s website at http://www.gecapital.com.