Medipost Co Ltd announced that it expects to receive KRW 20 billion in funding from KDB Capital Corp., IBK Capital Corporation, Susung Asset Management Co., Ltd., Kiwoom Investment Co., Ltd..

MMedipost Co Ltd (KOSDAQ:A078160) announced a private placement for gross proceeds of KRW 20,000,000,000 on July 3, 2014. The company will issue fourth unregistered/unsecured private convertible bonds for gross proceeds of KRW 10,000,000,000 and fifth unregistered/unsecured private convertible bonds for gross proceeds of KRW 10,000,000,000. The bonds will be issued at par value.

The bonds will be issued to new investors, Kiwoom Investment Co., Ltd., KDB Capital Corp., IBK Capital Corporation, and Susung Asset Management Co., Ltd., which will invest KRW 7,500,000,000, KRW 1,200,000,000, KRW 1,000,000,000, and KRW 300,000,000, respectively of fourth and fifth bonds each. The fourth unregistered bonds will have an interest rate of 1.5% per annum and fifth unregistered bonds will have an interest rate of 3% per annum, with lump-sum redemption of principal on maturity date for the bonds. The bonds will mature on July 4, 2019.

The bonds will have a 100% conversion rate and will be convertible into common shares at KRW 59,654 per share. The bonds will have a conversion period from July 4, 2014 to June 4, 2019.