Soribada Inc. (KOSDAQ:A053110) announced a private placement of 14th tranche domestic unregistered unsecured private convertible bonds for gross proceeds of KRW 5,500,000,000 on November 24, 2017. The transaction will include participation from The Asia Business Daily Co., Ltd. (KOSDAQ:A127710). The bonds are issued at par and carry a coupon of 2%.

The bonds have yield to maturity of 3% and would mature on November 24, 2020. The bonds are fully convertible into 2,531,063 shares of the company at a fixed conversion price of KRW 2,173 between the periods of November 24, 2018 to October 24, 2020. The subscription date is November 24, 2017.

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