SM Culture & Contents Co., Ltd. announced that it expects to receive KRW 7.7 billion in funding
July 16, 2017
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SM Culture & Contents Co., Ltd. (KOSDAQ:A048550) announced a private placement of series 12 unregistered unguaranteed private convertible bonds for gross proceeds of KRW 7,700,000,000 on July 17, 2017. The bonds will be issued at its par value. The transaction will include participation from Kang, Ho-dong, Shin, Dong-yup, Jun, Hyun-moo, and Lee, Soo-geun for KRW 3,000,000,000, KRW 3,000,000,000, KRW 1,200,000,000, and KRW 500,000,000. The bonds will not carry any interest and will carry a yield to maturity of 2%. The bonds will mature on August 28, 2020. The bonds are fully convertible into common shares of the company at KRW 3,000 per share. The conversion period of the bonds will commence on August 29, 2018 and end on July 18, 2020. The Subscription date will be July 17, 2017. The payment date is August 29, 2017. The transaction was approved by the board of directors of the company.
SM Culture & Contents Co., Ltd., formerly BT&I Travel Group.,Inc., is a Korea-based company engaged in the provision of travel management services. The Company provides meeting, incentive, convention and exhibition (MICE) tour services for corporations; online tour services through www.tourexpress.com, including air tickets and hotels reservation and individual travel scheduling services, as well as advertising services, and travel information services. On May 21, 2013, the Company merged with a Korea-based company, mainly engaged in the program producing business. On October 15, 2013, it merged with Woollim Entertainment Co Ltd, a Seoul-based manufacturer of music records.