Daiko Denshi Tsushin Ltd. (TSE:8023) announced a private placement of 20 series 1 unsecured convertible bonds at ¥10,000,000 per bond for gross proceeds of ¥200,000,000 with new investor, Lifestyle Japan Investment Limited Partnership, a fund managed by Team Cool Japan Co.,Ltd. on May 29, 2015. The bonds will be issued at par. The company will also issue warrants in the transaction.

The conversion price of bonds is fixed at ¥153. The number of dilutive shares by the concerned issue will be 1,307,189 shares. The transaction will happen through third-party allotment.

The net proceeds from the transaction will be ¥188,000,000 after deduction of issuance costs ¥12,000,000, which includes financial advisor costs of ¥7,000,000, legal costs of ¥2,500,000, convertible bonds evaluation costs of ¥1,500,000, registration related costs and other costs of ¥1,000,000. The investor will acquire 9.69% on conversion of bonds. The payment date for the transaction is June 15, 2015.

The board of directors of the company approved the transaction.