Solid, Inc. announced that it expects to receive KRW 37 billion in funding from KDB Private Equity, WONIN Growth Champ 211-3 Private Equity Fund, and Company K Partners Limited.

Solid, Inc. (KOSDAQ:A050890) announced a private placement of bonds for gross proceeds of KRW 37,000,000,000 on May 10, 2016. The company will issue third unregistered/unsecured private convertible bonds for proceeds of KRW 35,000,000,000 and fourth unregistered/unsecured private convertible bonds for proceeds of KRW 2,000,000,000. The bonds will be issued at its par value.

The series four bonds will be subscribed by new investor, KDB Private Equity and the series three bonds will be subscribed by new investors, ACR Alpine Capital Research, LLC, CKP Start-up Win-Win Fund, Company K Future Growth Fund, and Company K Challenge Fund, funds managed by Company K Partners Limited for KRW 30,000,000,000, KRW 4,000,000,000, KRW 500,000,000, and KRW 500,000,000 respectively. The bonds will mature on May 11, 2021. The bonds bear interest at a fixed rate of 1% per annum and carry yield to maturity of 5% per annum.

The bonds are 100% convertible into common shares of the company at a fixed conversion price of KRW 4,731 per share. The conversion period is from May 12, 2017 to April 11, 2021. The bonds will have a lump-sum redemption of principal on maturity.