The Willbes & CO., Ltd. announced that it expects to receive KRW 15 billion in funding from a group of investors
December 08, 2020
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The Willbes & CO., Ltd. (KOSE:A008600) announced a private placement of Series 29th non-guaranteed private convertible bonds with bearer interest for gross proceeds of KRW 8,000,000,000 and Series 30th non-guaranteed private convertible bonds with bearer interest for gross proceeds of KRW 7,000,000,000, for aggregate gross proceeds of KRW 15,000,000,000 on December 9, 2020. The transaction will include participation from KB Securities Co., Ltd., Investment Arm for KRW 800,000,000, Korea Investment & Securities Co., Ltd., Investment Arm for KRW 200,000,000, IBK Financial Group Synergy Ivy Mezzanine New Technology Fund for KRW 500,000,000, Synergy-Shinhan Mezzanine New Technology Business Fund No. 2 for KRW 500,000,000, Synergy Mezzanine Blind No. 3 New Technology Business Fund for KRW 500,000,000, Synergy Mezzanine Blind No. 8 New Technology Business Fund for KRW 300,000,000, Synergy Mezzanine Blind No. 7 New Technology Business Fund for KRW 250,000,000, Synergy-NH Mezzanine Blind No. 1 New Technology Business Fund for KRW 200,000,000, Synergy Turnaround No. 10 New Technology Business Fund for KRW 250,000,000, Samsung Securities Co. Ltd., Investment Arm for KRW 1,000,000,000, Hands Partners Co., Ltd. for KRW 500,000,000, DB Financial Investment Co.,Ltd., Investment Arm for 500,000,000, returning investors, SUSUNG ASSET MANAGEMENT Co., Ltd. for KRW 500,000,000, Mirae Asset Daewoo Co., Ltd., Investment Arm for KRW 1,000,000,000 of series 29th bonds and series 30th bonds each and Jong-Hyu Hwang for KRW 1,000,000,000of series 29th bonds. The bonds bear an interest of 0% and will mature on December 11, 2025. The bonds will be 100% convertible into common shares of the company at a fixed conversion price of KRW 1,366 per share and series 29th bonds will be convertible from December 11, 2021 to November 11, 2025, series 30th bonds will be convertible from December 16, 2020 to November 11, 2025. The subscription date and payment date is December 11, 2020. The transaction was approved by the 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. 
