Ev Soosung. Co., Ltd announced a private placement of round 20 unregistered coupon non-guaranteed private convertible bonds for gross proceeds of KRW 7,000,000,000 on November 30, 2021. The transaction will include participation from Haiti Convergence Fund for KRW 7,000,000,000.

The bonds carry coupon rate of 2% per annum and yield to maturity of 2% per annum. The bonds are issued at par and will mature on January 28, 2025. The company are 100% convertible into 3,943,661 common shares at a conversion price of KRW 1,775 per share from January 28, 2023 to December 28, 2024.

The transaction has been approved by the board of directors of the company. The bonds are subject to a hold period of one year. The subscription date is on November 30, 2021 and the payment date is on February 28, 2022.