Sacheon Aerospace Manufacturing Ind. Co., Ltd (KOSDAQ:A263540) announced a private placement of series 3 non-guaranteed private equity convertible bonds with bearer type interest part for a gross proceeds of KRW 10,000,000,000 on June 16, 2021. The transaction will include participation from AJet Asset Investment Association.

The bonds have yield to maturity of 4%. The bonds will mature on July 20, 2024. The bonds will be 100% converted into 20,000,000 common shares at a fixed conversion price of KRW 500 per share for an equity stake of 40.06%.

The conversion period is from July 20, 2022 to June 19, 2024. The payment date of the transaction is July 20, 2021. The securities issued in the transaction are subject to a lock up period of one year.

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