Kolen Co. Ltd. (KOSDAQ:A078650) announced a private placement of round 13 non-guaranteed private convertible bonds with bearer interest for gross proceeds of KRW 6,000,000,000 on December 16, 2020. The transaction will include participation from returning investors, Kiwoom Securities Co., Ltd for KRW 1,875,000,000, Mirae Asset Daewoo Co., Ltd. (KOSE:A006800) for KRW 1,725,000,000, NH Investment & Securities Co., Ltd. (KOSE:A005940) for KRW 1,275,000,000, Synergy Turnaround No.

4 New Technology Business Fund for KRW 750,000,000, and Synergy Mezzanine Blind No. 1 New Technology Business Fund for KRW 375,000,000. The bonds will be issued at its par value.

The bonds do not carry any interest and yield to maturity. The bonds will mature on December 18, 2025. The bonds are fully convertible into 5,853,658 shares of the company at a fixed conversion price of KRW 1,025 per share, representing 7.82% stake in the company which can be converted from December 18, 2021 to November 18, 2025.

The bonds have a hold period of 1 year from issuance. The subscription and payment date is December 18, 2020. The transaction has been approved by the board of directors of the company.