IHQ Inc. announced a private placement of series 9th unregistered coupon nonguaranteed private convertible bond for gross proceeds of KRW 18,000,000,000 on August 11, 2021. The transaction will include participation from existing investor Meritz Securities Co., Ltd. for KRW 11,000,000,000, other investors Meritz Fire & Marine Insurance Co., Ltd. for KRW 2,000,000,000, Meritz Capital Co., Ltd. for KRW 2,000,000,000, and Sunny Electronics Corp. for KRW 3,000,000,000.

The bonds has been issued at par and will carry coupon rate of 3%. The bonds have yield to maturity of 4% and would mature on August 12, 2024. The bonds will be fully convertible into 9,868,421 shares of the company at a fixed conversion price of KRW 1,824 from August 13, 2022 to August 7, 2024.

The transaction has been approved by the board of directors of the company. The bonds carry a hold period of one year. The transaction is expected to close on August 12, 2021.