Sunny Electronics Corp. (KOSE:A004770) announced a private placement of fifth unregistered unsecured unguaranteed private convertible bonds for gross proceeds of KRW 8,000,000,000 on August 7, 2015. The bonds will be issued at its par value.

The bonds will mature on August 10, 2019. The bonds carry a yield to maturity of 2.5% and annual coupon of 0%, with lump-sum redemption of principal on maturity date for the bonds. The bonds can be converted into common shares of the company at 100% conversion rate at a fixed conversion price of KRW 2,390 won per share and a conversion period from August 10, 2016 to July 10, 2019.

The transaction will involve participation from SBI Savings Bank Inc., Investment Arm for KRW 4,000,000,000, Susung Asset Management Co., Ltd. for KRW 3,000,000,000, and Ace Investment & Finance Co., Ltd. for KRW 1,000,000,000. The subscription and payment date for the transaction is August 10, 2015. The transaction has been approved by the board of directors of the company.