AJ Rent A Car Co., Ltd. (KOSE:A068400) closed a private placement of 1st series unregistered private convertible bonds for gross proceeds of KRW 2,500,000,000 on August 13, 2018. The transaction will involve participation from individual investor, Namsoo Lee for KRW 2,500,000,000. The bonds will be issued at par. The maturity date of bonds is August 31, 2025. The bonds will not carry any coupon and yield to maturity. The bonds are 100% convertible into common shares at a price of KRW 12,500 per share into 200,000 shares representing 0.9% stake. The conversion period will start from August 31, 2021 and end on July 31, 2025. The subscription date is August 13, 2018 and payment date is August 31, 2018. The transaction has been approved by the company’s board of directors.