HLB Pharmaceutical Co., Ltd (KOSDAQ:A047920) announced a private placement of series 14 non-guaranteed private equity convertible bonds for the gross proceeds of KRW 13,200,000,000 on February 10, 2021. The transaction will include participation from new investor, Faith 1 Fund. The bonds carry coupon rate of 0% and surface interest rate of 0% and will mature on March 12, 2024. The bonds are 100% convertible into 817,236 common shares representing 3.66% stake at a conversion price of KRW 16,152 per share. The conversion period will start on March 12, 2022 and end on February 12, 2024. The subscription date is February 10, 2021 and payment date is March 12, 2021. The transaction was approved by board of directors of the company.