GNCO Co., Ltd. announced that it expects to receive KRW 20 billion in funding
October 24, 2021
Share
GNCO Co., Ltd. announced a private placement of series 15 unregistered coupon nonguaranteed private convertible bond for gross proceeds of KRW 20,000,000,000 on October 25, 2021. The transaction will include participation from Synergy Ivy Business Reorganization New Technology Fund for KRW 5,000,000,000 and Synergy Turnaround 17 New Technology Business Fund for KRW 15,000,000,000. The bonds carry a fixed rate of interest of 3% and maturity interest rate of 6%. The bonds will mature on October 27, 2025. The bonds are fully convertible at a fixed conversion price of KRW 868 per share into 23,041,475 common shares from October 27, 2022 to September 27, 2025. The company expects to close the transaction on October 27, 2021. The transaction has been approved by the board of directors of the company. The company will issue securities through domestic private placement method.
GNCO CO. LTD. is a Korea-based company mainly engaged in the manufacturing and sale of casual apparels. The Company manufactures and sells womenâs and menâs casual apparels including outwear and underwear, and accessories including bags, shoes, ties, jewelries, gloves, among others under five brands, including Thursday Island, which is a urban vintage casual brand mainly for women; T.I FOR MEN, which is a men's casual brand mixing the formal and casual style; ELOQ, which is a unisex casual brand; LOUDMUT, a womenâs casual brand, and PHENOM, which is a concept store brand specializing in selling imported accessories in Northern European style. It distributes its products through distribution agencies, departments and online shopping malls www.gncostyle.com. In addition, the Company is involved in financial investment business.