E& Corporation CO., LTD. announced that it will issue series 30 Non-guaranteed Private convertible bonds for gross proceeds of KRW 16,500,000,000 on August 18, 2021. The bonds do not carry any coupon and have yield to maturity of 2%. The bonds will mature on August 19, 2026.

The bonds are fully convertible into 1,421,311 shares representing 6.86% stake at a fixed conversion price of KRW 11,609 each starting from August 19, 2022 and end on July 19, 2026. The subscription date and expected payment date is on August 19, 2021. The transaction has been approved by the board of directors of the company.

The transaction included participation from New Growth One New Technology Fund II, a fund managed by Axis Investment Co., Ltd. for KRW 2,000,000,000, Hanyang Securities Co. Ltd. for KRW 500,000,000, BNK Securities Co., Ltd. for KRW 1,000,000,000, Hana Financial Investment Co., Ltd. for KRW 2,900,000,000, existing investor IBK Capital Corporation for KRW 5,000,000,000, IBK Securities Co., Ltd. for KRW 2,000,000,000, Industrial Bank of Korea (KOSE:A024110) for KRW 2,000,000,000, Fund 4 for KRW 100,000,000, Fund 1 for KRW 800,000,000, and Fund 2 for KRW 200,000,000. The securities issued are subject to one year restriction period.