Korean VC Intervest has invested in LED manufacturer Lumens through a 10 billion won convertible bond purchase. Please read our translation of this Money today article for the details.
According to the Financial Supervisory Service, Intervest’s new growth engine fund has acquired 10 billion won in convertible bonds from Lumens. The bonds mature in January of 2015, have a 0% coupon rate, pay 4% interest compounded yearly, and have a put option that can be exercised after 18 months, in July of 2013.
The bonds are exchangeable for a total of 1 million 318 thousand ordinary shares of Lumens at a price of 7588 won per share. The conversion period is from January 17, 2012 to December 7 in 2014.
Intervest’s 100 billion won new growth engine fund was formed in 2009 and will operate for 5 years. The fund is managed by Intervest CEO, Woo Choonghee.
Intervest’s new growth engine fund has invested 80% of its funds and it plans to carry out one more investment in this year.
Lumens Holdings was the main shareholder in Lumens, with an 8.1 percent stake in the third quarter of 2011. Shinhan Capital, Korea Securities Finance Corporation, IBK Capital, LB investment, Hyundai Securities, Kiwoon Securities and NauIB Capital hold 30 billion won of Lumens warrant bonds bought in May of 2011.
Lumens was founded 2004 manufacturing LED light and module. Lumens recorded 256bilion won in revenue, 15.1bilion won in operating profit till third quarter of 2011.
An official from Intervest said of the sale “We expect the LED industry has the potential for growth because of current government policy and we chose Lumens because it has the best technology for manufacturing LED modules and lights in Korea.”
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