Sambo Motors Co., Ltd (KOSDAQ:A053700) announced a private placement of series 8 unregistered coupon unguaranteed private convertible bonds for gross proceeds of KRW 14,400,000,000 on November 13, 2017. The transaction will involve participation from new investors NH Investment & Securities Co., Ltd. (KOSE:A005940) for KRW 2,000,000,000, Industrial Bank of Korea (KOSE:A024110) for KRW 3,000,000,000 and Brain Private Fund 17 for KRW 2,000,000,000. The bonds will be fully convertible into 2,532,981 shares of the company at a conversion price of KRW 5,685 from November 15, 2018 to October 15, 2020.

The bonds will carry no coupon rate and will have no yield to maturity. The bonds will mature on November 15, 2020. The transaction was approved by the board of directors of the company.