Cayman Golden Century Wheel Group Limited announced that it will issue series 5 unsecured privately placed convertible bonds with bearer interest for gross proceeds of KRW 42,000,000,000 on December 28, 2022. The transaction will include participation from Taekwang MIC Co., Ltd. for KRW 27,000,000,000 and Polar Bear A Co., Ltd. for KRW 15,000,000,000. The bonds carry fixed coupon rate of 3% per annum, yield to maturity rate of 5% per annum, will mature on January 20, 2026 and are fully convertible into 100,000,000 common shares, representing 46.68% stake in the company, at a fixed conversion price of KRW 420 per share from January 20, 2024 to December 20, 2025.

The transaction has been approved by the shareholders of the company. The subscription date is December 28, 2022. The transaction is expected to close on January 20, 2023.