Miraesci Co., Ltd. (KOSDAQ:A028040) announced a private placement of 38th series unregistered unguaranteed private convertible debentures for gross proceeds of KRW 2,000,000,000 on March 7, 2019. The transaction will include participation from returning investor Mgenplus Co.,Ltd. (KOSDAQ:A032790). The debentures will carry a coupon rate of 4% and have yield to maturity of 6%.

The bonds will be issued at par and will mature on March 8, 2022. The debentures can be 100% converted into 1,403,508 common shares representing 4.43% stake of the company at a fixed conversion price of KRW 1,425 per share. The conversion period is from March 8, 2020 to February 8, 2022.

The subscription date is the same day and the transaction is expected to close on March 8, 2019. The transaction has been approved by the board of directors of the company.