Wooridul Pharmaceutical Limited announced that it expects to receive KRW 10 billion in funding from Sejong Mutual Savings Bank Co.,Ltd., Investment Arm, and other investors.

Wooridul Pharmaceutical Limited (KOSE:A004720) announced a private placement of 30th unregistered/unsecured private convertible bonds for gross proceeds of KRW 10,000,000,000 on March 28, 2016. The transaction will include participation from new investors, Sejong Mutual Savings Bank Co.,Ltd., Investment Arm for KRW 5,000,000,000, Kwonil Lim for KRW 3,000,000,000, Kwonil Kim for KRW 800,000,000, Hyun-Ah Kim for KRW 200,000,000, and Cheol-Ho Jang for KRW KRW 1,000,000,000. The bonds will mature on March 30, 2019, with lump-sum redemption of principal on maturity date.

The bonds will be issued at par. The bonds will have a yield to maturity of 5%, and a fixed annual coupon rate of 5% per annum. The bonds will be convertible into common shares of the company at a rate of 100% and at a fixed conversion price of KRW 8,110 per share from March 30, 2017 to February 28, 2019.