HMM Co.,Ltd (KOSE:A011200) announced a private placement of series 197 non-guaranteed private convertible bonds for gross proceeds of KRW 720,000,000,000 on April 17, 2020. The transaction included participation from returning investors Korea Development Bank, Investment Arm, an investment arm of Korea Development Bank for KRW 360,000,000,000 and Korea Maritime Promotion Corporation for KRW 360,000,000,000. The bond carry a coupon rate of 3%. The bonds will mature on April 23, 2050. The bonds are fully convertible into 144,000,000 shares at conversion price of KRW 5,000 per share from April 24, 2021 to March 22, 2050. The subscription date of bonds is April 23, 2020. The transaction is expected to close on April 23, 2020. The transaction has been approved by the board of directors.