Avista Inc. announced that it has received KRW 20 billion in funding.
September 26, 2014 at 12:00 am EDT
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Avista Inc. (KOSE:A090370) announced a private placement of round 6 private registered convertible bonds for gross proceeds of KRW 20,000,000,000 on September 24, 2014. The bonds will mature on September 26, 2019. The bonds will carry coupon rate of 2% and yield to maturity of 6%. The bonds are convertible into the registered common stock at KRW 8,089 per share. The conversion period will start on September 26, 2015 and end on August 26, 2019. The conversion rate will be 100% for the bonds. The subscription and the payment date for the transaction is September 26, 2014. The transaction will include participation from new investors, IBK SKS SME Global Investment Partnership Private Equity Fund and KoFC SK Cooperative Growth Private Equity Fund III for KRW 10,000,000,000 each. The transaction has been approved by the board of directors of the company.
On September 26, 2014, Avista Inc. closed the transaction.
METALABS CO., LTD., formerly AVISTA INC., is a Korea-based company mainly engaged in the casual apparel business. The Company produces and sells casual apparel and accessories under the brand of BNX, which is feminine and romantic character for women in their twenties; TANKUS, which is casual apparel with detailed design and dynamic color and fabrics; eryn brinie, which is soft and simple character casual apparel, and Kai-aakmann, which is feminine and masculine look character for men and women in their twenties. In addition, it is engaged in the overseas wholesale and retail of products through its affiliates in Shanghai, New York and Milano.
METALABS CO., LTD. 
