ELK Corporation (KOSDAQ:A094190) announced a private placement of 9th unregistered coupon unguaranteed private convertible bonds for gross proceeds of KRW 3,100,000,000 on November 15, 2017. The transaction will involve participation from new investor NH Investment & Securities Co., Ltd. (KOSE:A005940) for KRW 2,800,000,000 and individual investor Dong-Hyuk, shin for KRW 300,000,000. The bonds carry coupon rate of 2% and yield to maturity of 5%.

The bonds will be fully convertible into 3,030,303 shares at a fixed conversion price of KRW 1,023 per share from November 18, 2018 to October 17, 2020. The bonds will mature on November 17, 2020. The transaction is expected to close on November 17, 2017.

The transaction was approved by the board of directors of the company.