Soribada Inc. (KOSDAQ:A053110) announced a private placement of 16th tranche domestic unregistered unsecured private convertible bonds for gross proceeds of KRW 8,000,000,000 on January 26, 2018. The transaction included participation from NH Investment & Securities Co., Ltd. (KOSE:A005940) for KRW 3,400,000,000, Samsung Securities Co.,Ltd. (KOSE:A016360) for KRW 3,000,000,000, Shinhan Investment Corp. for KRW 1,500,000,000 and Aurum Asset Management Co., Ltd. for KRW 100,000,000.

The bonds are issued at par and carry a zero coupon rate. The bonds have yield to maturity of 6% and would mature on January 26, 2021. The bonds are fully convertible into 3,851,707 shares of the company at a fixed conversion price of KRW 2,077 between the periods of January 26, 2019 to December 26, 2020.

The subscription date is January 24, 2018. The transaction has been approved by the board of directors of the company.