Fortis, Inc. announced that it will issue series 26th bearer type unsecured private placement convertible bonds for the gross proceeds of KRW 1,000,000,000 on June 30, 2022. The transaction will include participation from new investor Invalley Co., Ltd. The bonds will carry rate of interest of 0% per annum and the interest rate of 4% when holding maturity. The bonds will mature on July 01, 2052.

The bonds are fully convertible into 2,000,000 shares at a conversion price of KRW 500 per share. The conversion period will start from July 01, 2023 and ends on June 01, 2052. The transaction was approved by the board of directors of the company.

The transaction is expected to close on July 1. 2022.