G.taste Co.,Ltd. announced that it has received ¥1.18 billion in funding from Kobe Bussan Co., Ltd.
March 18, 2013 at 12:00 am EDT
Share
G.taste Co.,Ltd. (JASDAQ:2694) announced a private placement of 120, 6th series, 7th series, and 8th series unsecured convertible bonds with warrants at ¥9,800,000 per bond for total gross proceeds of ¥1,176,000,000 on February 15, 2013. The bonds carry a face value of ¥10,000,000 and will be issued at ¥9,800,000 per bond. The bonds will be issued at a discount of 2% on its face value. The company will issue 40; 6th series, 7th series, and the 8th series bonds each at ¥9,800,000 per bond for proceeds of ¥392,000,000. The transaction will include participation from new investor, Kobe Bussan Co., Ltd. The bonds will not carry an interest. The initial conversion price for the bonds is yet to be decided. The conversion subscription period for 6th and 7th series bonds is from April 1, 2013 to March 18, 2020, and conversion subscription period for 8th series bonds is from March 18, 2014 to March 18, 2020. The settlement date for the transaction is expected on March 18, 2013. The bonds will mature on March 18, 2020. On conversion of the bonds, the investor will hold 31.56% stake in the company. The transaction was approved by the board of directors on the same date.
On March 18, 2013, G.taste Co.,Ltd. closed the transaction. The bonds will carry a conversion price of ¥35 each.
KOBE BUSSAN CO., LTD. is a Japan-based company mainly engaged in the manufacture, wholesale and retail of food ingredients for business use, as well as the franchise (FC) business, the restaurant business and the renewable energy business. The Company operates in four business segments. The Gyomu Super segment is engaged in the planning, development and procurement of products as the FC headquarters of Gyomu Super, as well as the production of food ingredients for business use. The Kobe Cook segment is engaged in the operation of directly managed stores and FC stores. The Cook Innoventure segment is engaged in the brand-powered business in sushi, izakaya, yakiniku, fast food and restaurant business categories, as well as the development of new stores and FC stores. The Eco-renewable Energy segment is engaged in the power generation business that uses renewable energy. The Company is also engaged in the facilities rental business, tourism business and galleon business.
KOBE BUSSAN CO., LTD. 
