HLB Power Co., Ltd. announced that it expects to receive KRW 33 billion in funding from JJ Assets Co., Ltd. and other investors
April 25, 2021
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HLB Power Co., Ltd. (KOSDAQ:A043220) announced a private placement of 9 bearer interest non-guaranteed convertible bonds for gross proceeds of KRW 33,000 million on April 26, 2021. The transaction included participation from 21-05 Fruit New Technology Association No. 36 for KRW 10,000 million, 21-06 Arc New Technology Association No. 37 for KRW 10,000 million, individual investors Lee, Donghee for KRW 700 million, Lee, Soon-ju for KRW 800 million, Park, Ji-hoon for KRW 1,000 million, Lee Hoi-seon for KRW 1,000 million, Juvenile for KRW 500 million, Lee Kwang-ho for KRW 1,000 million, Lee Unhak for KRW 3,000 million, Park Chulsoo for KRW 1,000 million, Kim Tae-gon for KRW 1,000 million, JJ Asset Co., Ltd for KRW 500 million, Jeon Jeon for KRW 1,000 million, Hwang Sang-ryong for KRW 500 million and Taerang Jeon for KRW 1,000 million. The bonds will not carry any interest coupon and carry a yield to maturity of 1%. The bonds will mature on April 30, 2024. The bonds are fully convertible into 25,882,343 common shares of the company at a conversion price of KRW 1,275 per share. The conversion period of the bonds will be from April 30, 2022 to March 31, 2024. The payment date for the bonds is expected on April 30, 2021. The transaction was approved by the board of directors of the company.
TS Nexgen Co Ltd, formerly HLB Power Co Ltd, is a Korea-based company principally engaged in the manufacture and sale of electrical equipment. The Company operates its business through five segments. The Damper segment is mainly engaged in the manufacture and sale dampers for ships, power plants and plant industrial facilities. The Busway segment is mainly engaged in the production and sale of busways for the transmission and distribution of production facilities and skyscrapers. The Energy Storage System (ESS) segment is mainly engaged in the manufacture and sale of electrical energy storage systems. The Lifeboat Inspection and After-Sales Service (A/S) segment is mainly engaged in the provision of inspection and after-sales services for lifeboats and others. The Other segment is involved in real estate development.
TS NEXGEN CO., LTD. 
