Suntrust Home Developers, Inc. (PSE:SUN) announced that it has entered into a subscription agreement for a private placement of zero coupon convertible bonds for gross proceeds of PHP 7,300 million on May 29, 2020. The transaction will include participation from returning investor Fortune Noble Limited. The transaction is subject to certain conditions. The transaction is subject to approval of the Securities Exchange Commission on or before July 31, 2020. After the completion of the transaction, Fortune Noble Limited will hold 74.42% stake in the company. The bonds may be converted into 6,640,000,000 common shares at the initial conversion price of PHP 1.1 each.