rain Contents CO., LTD. (KOSDAQ:A066980) announced that it will issue series 29 Non-guaranteed Private convertible exchangeable bonds for gross proceeds of KRW 11,000,000,000 on April 27, 2021. The bonds do not carry any coupon and have yield to maturity of 0%. The bonds will mature on April 29, 2026.

The bonds are fully convertible into 2,972,972 shares representing 6.10% stake at a fixed conversion price of KRW 3,700 each starting from April 30, 2021 and end on March 29, 2026. The subscription date and expected payment date is on April 29, 2021. The transaction has been approved by the board of directors of the company.

The transaction included participation from Kiwoom Securities Co., Ltd. (KOSE:A039490) for KRW 9,000,000,000 and NH Investment & Securities Co., Ltd. (KOSE:A005940) for KRW 2,000,000,000. The securities issued are subjected to one year hold period,