LONGTU KOREA Inc. (KOSDAQ:A060240) announced a private placement of third unregistered private secured convertible bonds with Kl&Partners-Longtu Private Equity Fund for gross proceeds of KRW 25,000,000,000 on December 16, 2015. The bonds will be issued at its par value. The bonds will bear fixed interest rate of 1.5% and yield to maturity of 4.5% per annum and will mature on March 2, 2020. There will be lump-sum redemption of principal on maturity date. The bonds will be convertible at the rate of 100% into common shares of the company at a fixed conversion price of KRW 9,750 per share for a period commencing on March 2, 2017 to February 2, 2020. The payment date is March 2, 2016. The transaction was approved by the board of directors of the company

On February 5, 2016, the company announced that the bonds will be convertible between April 1, 2017 and February 2, 2020.