DXB Entertainments PJSC (DFM:DXBE) announced a private placement of convertible bonds for gross proceeds of AED 500,000,000 on March 26, 2018. The transaction will involve participation from existing investor Meraas Leisure and Entertainment LLC. The bonds will carry a coupon of 8% per annum compounded quarterly. The bondholders will have the right to subscribe for the for the principal amount in up to three tranches over a six-month period after the initial issuance date. The bonds will be convertible into common shares at a price of AED 1.04 per share between January 1, 2021 and December 31, 2024. The transaction is subject to approval from Securities and Commodities Authority and the shareholders of the company.