Snet systems Inc announced a private placement of round 3 bearer type unsecured privately placed exchangeable bonds for gross proceeds of KRW 6,000,000,000 on December 12, 2022. The transaction included participation from KB Securities Co., Ltd. for KRW 2,500,000,000, NH Investment & Securities Co., Ltd. for KRW 1,000,000,000, Samsung Securities Co., Ltd. for KRW 1,500,000,000, Korea Investment & Securities Co., Ltd. for KRW 500,000,000, Kiwoom-Suseong No. 1 New Technology Business Fund for KRW 500,000,000.

The bonds will not carry any coupon and yield to maturity is of 2% and will mature on December 14, 2025. The company will issue 1,107,419 common shares of the company at 100% conversion rate with conversion price of KRW 5,418 per share. The conversion period is from January 14, 2023 to November 14, 2025.

The transaction has been approved by the board of directors of the company and is expected to close by December 14, 2022.