HLB Co., Ltd. (KOSDAQ:A028300) announced a private placement of series 31 unregistered unguaranteed private convertible bonds for gross proceeds of KRW 20,000,000,000 on January 29, 2019. The transaction includes participation from Pacific Alliance Asia Opportunity Fund L.P., a fund managed by Pacific Alliance Investment Management Limited. The bonds will be zero coupon, will have a yield to maturity of 1%, maturity date of January 30, 2024, and will be 100% convertible into 244,528 registered common shares of the company, which represents 0.62% of total number of shares, at a price of KRW 81,790 per share for a period from January 30, 2020 to December 30, 2023. The company expects to close the transaction on January 29, 2019. The transaction has been approved by the board of directors of the company.