TCC Steel Corp. announced a private placement of 38th unregistered coupon unguaranteed private convertible bonds for gross proceeds of KRW 20,000,000,000 on August 19, 2021. The bonds will mature on August 23, 2026.

The bonds do not carry an interest rate. The bonds are 100% convertible to 2,713,704 common shares at KRW 7,370 per share from August 23, 2022 to July 23, 2026. The transaction was approved by the board of directors of the company.

The transaction is expected to close on August 23, 2021. The securities issued will be subject to hold period of one year. The transaction will include participation from EBEST Investment & Securities Co., Ltd. for KRW 2,000,000,000, SK Securities Co., Ltd. for KRW 1,000,000,000, Shinhan Investment Corp.

for KRW 1,000,000,000, Hanwha Investment & Securities Co., Ltd. for KRW 1,000,000,000, Fund 1 of KB Securities Co., Ltd. for KRW 1,000,000,000, Fund 2 of Samsung Securities Co., Ltd. for KRW 1,000,000,000, Fund 3 of Samsung Securities Co., Ltd. for KRW 500,000,000, Fund 4 of Mirae Asset Securities Co., Ltd. for KRW 300,000,000, Fund 5 of Mirae Asset Securities Co., Ltd for KRW 200,000,000, Fund 6 of Samsung Securities Co., Ltd. for KRW 3,000,000,000, Fund 7 of KB Securities Co., Ltd. for KRW 350,000,000, Fund 8, Fund 9, Fund 10, Fund 11, Fund 12, Fund 13, and Fund 14 of NH Investment & Securities Co., Ltd. for an aggregate of KRW 2,650,000,000, Fund 15 and Fund 16 of Small and Medium Business Bank for KRW 6,000,000,000.