Gyeongnam Steel Co. Ltd (KOSDAQ:A039240) announced a private placement of 1st round unregistered coupon unguaranteed private convertible bonds for gross proceeds of 3,300,000,000 on February 28, 2017. The transaction will include participation form POSCO (KOSE:A005490).

The bonds carry coupon rate of 0.50% and yield to maturity of 1.80% and will mature on June 11, 2021. The bonds have maturity date of February 28, 2022. The bonds are convertible into common shares of the company at a conversion price of KRW 10,583 for a period from March 2, 2018 to February 28, 2022.

The subscription and payment date is February 28, 2017.