MAXROTEC Co., Ltd. (KOSDAQ:A141070) ) announced a private placement of series 4 domestic unregistered coupon non-guaranteed private convertible bonds for gross proceeds of KRW 20,000,000,000 on March 18, 2020. The transaction will include participation from new investor Steel Partners Inc. The bonds will carry surface interest rate and interest rate both of 8%. The bonds will mature on April 17, 2023. The bonds are 100% convertible into 14,545,454 common shares, representing 46.58% stake of the company at KRW 1,375 per share. The conversion period is from April 17, 2021 to March 17, 2023. The bonds have a hold period of 1 year. The bonds have a call option primary, secondary, third and fourth on March 17, 2021, September 17, 2021, March 17, 2022, and September 17, 2022 respectively. The transaction is expected to close on April 17, 2020 and the subscription date is March 18, 2020. The transaction has been approved by the board of directors of the company.