Air Busan Co., Ltd. (KOSE:A298690) announced a private placement of 4th series Non-guaranteed private equity perpetual convertible bonds with Bearer type interest part for gross proceeds of KRW 30,000,000,000 on June 24, 2021. The transaction will include participation from returning investor Asiana Airlines, Inc. (KOSE:A020560) .The bond carries a fixed coupon rate of 7.2% per annum, 7.2% yield to maturity and would mature on June 24, 2051. The bonds can be 100% converted into 3,527 common shares for 9.2% stake of the company at a fixed conversion price of KRW 3,527 per share.

The conversion period is from June 25, 2022 to May 24, 2051. The transaction has been approved by board of directors of the company.