Fortis, Inc. announced that it will issue series 27th bearer type unsecured private placement convertible bonds for the gross proceeds of KRW 1,000,000,000 on December 5, 2022. The transaction will include participation from individual investor, Lee, Hyeok-jae. The bonds will carry rate of interest of 0% per annum and the interest rate of 5% when holding maturity.

The bonds will mature on December 06, 2052. The bonds are fully convertible into 2,000,000 shares at a conversion price of KRW 500 per share. The conversion period will start from December 06, 2023 and ends on November 06, 2052.

The transaction was approved by the board of directors of the company. The transaction is expected to close on December 06, 2022.