T'Way Air Co., Ltd. (KOSE:A091810) announced a private placement of 31,847,134 convertible preferred shares at a price of KRW 2,512 per share for gross proceeds of KRW 80,000,000,608 on March 16, 2021. The transaction will include participation from W Value Up Limited company. The company issued share at KRW 500 par value. The transaction will take place through third party allotment. The shares carry a fixed dividend rate of 1% per annum based on the issuance price with Participatory, cumulative conditions. The shares can be converted into 31,847,134 common shares at a fixed conversion price of KRW 2,512 per share. The conversion period is from April 2, 2022 and April 1, 2031. The securities are subject to a hold period of 1 year. The transaction was approved by the board of directors of the company. The transaction is expected to close on April 1, 2021.