WFM, Inc. announced that it expects to receive KRW 15.5 billion in funding from Shin Sung Gas Co., Ltd.
January 30, 2019
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WFM, Inc. (KOSDAQ:A035290) announced a private placement of 17th series unregistered coupon unguaranteed private convertible bond for gross proceeds of KRW 15,500,000,000 on January 30, 2019. The transaction will include participation from Vanessa.H Co., Ltd. for KRW 13,000,000,000 and existing investor Shin Sung Gas Co., Ltd. For KRW 2,500,000,000. The bond carries no coupon rate and no yield to maturity and will mature on March 15, 2022. The bonds will be 100% convertible into 4,025,973 registered common shares of the company, which represents 15.03% of the total number of shares, at a price of KRW 3,850 per share. Bonds will have a conversion period from March 15, 2020 to February 15, 2022. The company expects to close the transaction on March 15, 2019. The transaction was approved by board of directors of the company.
Gold&S Co Ltd, formerly WFM Inc, is a Korea-based company principally engaged in the education business. The Company operates its business through two segments. The Education segment is engaged in after-school school, educational publishing, online education service, and academy franchise business. The Non-educational segment operates businesses such as real estate leasing and others.