Air Busan Co., Ltd. announced a private placement of 5th non-guaranteed private placement permanent convertible bond for gross proceeds of KRW 10,000,000,000 on July 18, 2022. The transaction is expected to close on July 19, 2022. The bond carries a fixed coupon rate of 5.9% per annum, 6.7% yield to maturity and would mature on July 19, 2052.

The bonds are convertible at 100% conversion rate into 7,082,152 shares at a conversion price of KRW 1,412 per share representing 3.52% of shares from July 19, 2023 to July 19, 2052. The transaction has been approved by board of directors of the company. The bonds will be subject to a one year hold period.