HLB Power Co., Ltd. announced that it expects to receive KRW 9.5 billion in funding from a group of investors
October 30, 2017
Share
HLB Power Co., Ltd. (KOSDAQ:A043220) announced a private placement of 3,834,356 shares at KRW 1,300 per share for gross proceeds of KRW 5,000,000,224, 6th series unregistered coupon unsecured convertible bonds for gross proceeds of KRW 2,500,000,000, and 7th series unregistered coupon unsecured convertible bonds for gross proceeds of KRW 2,000,000,000 on October 31, 2017. The transaction will include participation from KOREA BENMA HOLDINGS GROUP CO.,LTD for shares and new investors, Woodong Kim for KRW 1,000,000,000, Jungsang Kim for KRW 300,000,000, JP Advisor Co., Ltd., JJ Asset Co., Ltd., IN Asset Co., Ltd., Kyunghee Kim and Gyesook Kim for KRW 200,000,000 each and Jinpyo Ra and Minchae Kim for KRW 100,000,000 each for 6th series bonds and Xianyun Jiang for 7th series bonds. The shares will be issued at a premium and are subject to lock up period in Korea Securities Depository for a year. The shares are being issued through third party allotment method. Post the closing of the transaction, the number of shares will increase from 42,718,207 to 46,552,563. The 6th series and 7th series bonds will be issued at par and does not bear any interest. The bonds will have yield to maturity of 1% and 6th series bonds will mature on November 1, 2020, and 7th series bonds will mature on December 15, 2020. The 6th series and 7th series bonds will be fully convertible into shares of the company at a fixed conversion price of KRW 1,320 per share. The 6th series bonds will convert between the period of November 1, 2018 to October 1, 2020 and 7th series bonds will convert between the period of December 15, 2018 to November 15, 2020. The subscription date is November 1, 2017 for 6th series bonds and November 2, 2017 for 7th series bonds. The payment date is November 1, 2017 for 6th series bonds and December 15, 2017 for shares and 7th series bonds. The transaction has been approved at the board of directors of the company.
On March 2, 2018, the company announced that the 6th series and 7th series bonds will be fully convertible into shares 1,992,031 of the company at a fixed conversion price of KRW 1,255 per share from February 1, 2018.
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. 
