SM Culture & Contents Co., Ltd. (KOSDAQ:A048550) announced a private placement of series 12 unregistered unguaranteed private convertible bonds for gross proceeds of KRW 7,700,000,000 on July 17, 2017. The bonds will be issued at its par value. The transaction will include participation from Kang, Ho-dong, Shin, Dong-yup, Jun, Hyun-moo, and Lee, Soo-geun for KRW 3,000,000,000, KRW 3,000,000,000, KRW 1,200,000,000, and KRW 500,000,000. The bonds will not carry any interest and will carry a yield to maturity of 2%. The bonds will mature on August 28, 2020. The bonds are fully convertible into common shares of the company at KRW 3,000 per share. The conversion period of the bonds will commence on August 29, 2018 and end on July 18, 2020. The Subscription date will be July 17, 2017. The payment date is August 29, 2017. The transaction was approved by the board of directors of the company.