Kumho Electric, Inc. announced a private placement of Series 11 bearer unsecured private placement convertible bonds for the gross proceeds of KRW 3,000,000,000 on December 21, 2023. The transaction will include participation from new investor Baro Savings Bank. The bonds are 100% convertible into 3,610,108 shares at a fixed conversion price of KRW 831 per share from January 3, 2025 to December 3, 2026.

The bonds bear 3% coupon rate and 9% maturity rate and matures on January 3, 2027. The transaction has been approved by the shareholders of the company and is expected to close on January 3, 2024. The bonds are restricted to a hold period of 1 year.