PaperCorea Inc. announced a private placement of series 111 unsecured privately placed convertible bonds with bearer interest for the gross proceeds of KRW 102,800,000,000 on July 10, 2023. The transaction will include participation from new investor Uamcocr 7th Corporate Recovery Private Equity Fund, a fund managed by existing investor Uamco., Ltd., Investment Arm. The bonds carry 4.6% maturity rate and coupon rate.

The bonds are 100% convertible into 89,547,038 shares at an conversion price of KRW 1,148. The bonds are convertible from July 18, 2024 and ends on June 17, 2053. The transaction was approved by the board of directors of the company.

The transaction is expected to close on July 17, 2023. The bonds have holding period of 1 year from the date of issuance.