C-Lab raises 10 billion won via convertible bonds for AI data centers

C-Lab has decided to issue 10 billion won of unsecured private convertible bonds (1st series) following a board resolution, the company said. The proceeds will be used as operating funds for its AI data center construction business, according to bloter.net.

The conversion price is set at 8,106 won per share, with a five-year maturity. The subscription contract is scheduled for the 10th and payment for the 16th.

National Growth Fund sub-funds managed by Korea Investment Value Asset Management, DB Asset Management, Suseong Asset Management and Orion Asset Management will invest a total of 8 billion won in the bonds. The remaining 2 billion won will be taken by Orion Asset Management's KOSDAQ venture fund and others.

The bonds carry 0% surface interest and 0% yield to maturity, with no repricing clause. C-Lab secured a call option covering up to 50% of the subscription amount, and investors may exercise a put option from 30 months after issuance.

C-Lab is an NVIDIA Elite Partner and is expanding construction of clusters based on the latest GPUs. The company plans to apply its own GPU cluster operating software AstraGo to the data centers it builds, offering both construction and operations services. AstraGo 2.1, released this year, supports AI inference operations and integrated data center management.

Policy funding for AI infrastructure

The National Growth Fund is a policy fund created to foster advanced strategic industries such as AI, semiconductors and bio. AI infrastructure investment has been expanding through the government-led national AI computing center, regional AI data centers and companies' own GPU clusters.