Hojeon Limited (KOSE:A111110) announced a private placement of 11th series non-guaranteed private convertible bonds with bearer interest for gross proceeds of KRW 20,000,000,000 on October 22, 2020. The transaction will include participation from SK Securities Co., Ltd., Investment Arm. The bond carries a zero coupon rate, 2% Interest rate to maturity and would mature on October 26, 2025. The bonds can be 100% converted into 2,564,102 common shares for 23.94 % stake of the company at a fixed conversion price of KRW 7,800 per share. The conversion period is from October 26, 2021 to September 26, 2025. The transaction has been approved by the board of directors of the company. The subscription date and the payment date is October 26, 2020.