Hyungji Elite Inc. announced that it expects to receive KRW 20 billion in funding from Synergy Partners Co., Ltd., Golden Bridge Asset Management Co., Ltd.
August 17, 2016
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Hyungji Elite Inc. (KOSE:A093240) announced a private placement of 3rd unregistered unsecured private convertible bonds for gross proceeds of KRW 20,000,000,000 on August 18, 2016. The bonds will mature on August 23, 2020. The bonds will have yield to maturity of 1% per annum and will not bear any coupon rate. The bonds will be 100% convertible into common shares at a fixed conversion price of KRW 6,545 per share. The bonds will be redeemed at lump sum on the maturity date. The conversion period will be from August 23, 2017 to July 23, 2020. The subscription date is August 22, 2016 and payment date is August 23, 2016. The transaction will include participation from new investors Synergy Partners Co., Ltd. for KRW 11,600,000,000 and Golden Bridge Asset Management Co., Ltd. for KRW 8,400,000,000. The transaction was approved by board of directors of the company.
HYUNGJI ELITE INC. is a Korea-based company engaged in the manufacturing of uniforms and apparels. The Company operates its business through four segments. The Elite Business segment produces and distributes summer and winter school uniforms for middle and high schools. The Fashion Apparel segment manufactures men's and women's clothing. The Footwear segment manufactures and sells shoes. The Other segment is involved in the manufacture and sale of uniforms and sewing garments business.
Hyungji Elite Inc. announced that it expects to receive KRW 20 billion in funding from Synergy Partners Co., Ltd., Golden Bridge Asset Management Co., Ltd.
HYUNGJI ELITE CO., LTD. 
