The Willbes & CO., Ltd. announced that it expects to receive KRW 10 billion in funding from Mirae Asset Daewoo Co., Ltd., Investment Arm, Shinhan Investment Corp., Investment Arm, Susung Asset Management Co., Ltd., The Export-Import Bank Of Korea, Investment Arm, and other investors
October 11, 2018
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The Willbes & CO., Ltd. (KOSE:A008600) announced a private placement of 26th series unregistered coupon unguaranteed private convertible bonds for gross proceeds of KRW 10,000,000,000 on October 12, 2018. The transaction will include participation from new investors, The Export-Import Bank Of Korea, Investment Arm for KRW 3,500,000,000, Shinhan Investment Corp., Investment Arm for KRW 2,000,000,000, Mirae Asset Daewoo Co., Ltd., Investment Arm for KRW 1,000,000,000, and other investors. The bonds do not carry any coupon and do not have any yield to maturity. The maturity date of bonds is October 19, 2022. The bonds will be fully convertible into shares of the company at a fixed conversion price of KRW 1,315 per share between the period of October 19, 2019 to September 19, 2022. The subscription date is October 16, 2018 and payment date is October 19, 2018. The transaction has been approved by board of directors of the company.
THE WILLBES & CO., LTD. is a Korea-based original equipment manufacturer (OEM) of textiles. The Company operates in two business divisions: fiber division and education division. Its fiber division provides knits, sweaters, woven products, microfibers and others, through its oversea subsidiaries. Its education division provides education services to various individuals, such as lawyers, diplomats, government officials, appraisers, labor attorneys and others. The Company mainly supplies its textile products to TARGET, OLD NAVY and WAL MART. On May 31, 2013, the Company acquired 100% shares of a Korea-based company, which is mainly engaged in the educational institute operations.
The Willbes & CO., Ltd. announced that it expects to receive KRW 10 billion in funding from Mirae Asset Daewoo Co., Ltd., Investment Arm, Shinhan Investment Corp., Investment Arm, Susung Asset Management Co., Ltd., The Export-Import Bank Of Korea, Investment Arm, and other investors