Woowon Development Co., Ltd. (KOSDAQ:A046940) announced a private placement of 4th series unregistered and unsecured private convertible bonds for gross proceeds of KRW 15 billion on June 15, 2017. The transaction will include participation from Industrial Bank of Korea for KRW 2,000,000,000, Shinhan Capital Co., Ltd. for KRW 2,000,000,000, BFA Co., Ltd. for KRW 1,000,000,000, Shinhan Investment Corp. for KRW 3,000,000,000, Rhinos Korea Global Dual Mezzanine Private Securities Investment Trust 1 for KRW 1,000,000,000, Lime Fund 1 for KRW 1,000,000,000, Lime Fund 2 for KRW 2,000,000,000 and NH Absolute Return Hedge Fund 1 for KRW 2,000,000,000.

The company will issue the bonds at its par value. The bonds will not carry any interest coupon and will be carry a yield to maturity of 1% per annum. The bonds will mature on June 16, 2022.

The bonds are fully convertible into 2,656,277 common shares of the company at a conversion price of KRW 5,647 per share. The conversion period of the shares will be from June 16, 2018 to May 16, 2022. The subscription date and the payment date for the bonds are expected on June 16, 2017.

The transaction has been approved by the board of directors of the company.