Woori Technology, Inc announced that it will issue series 13 Unregistered non-guaranteed coupon private convertible bonds for gross proceeds of KRW 10,000,000,000 on November 29, 2021. The bonds will be issued at par. The transaction will include participation from Cuburix.

Inc for KRW 2,000,000,000 and returning investor Sangsangin Savings Bank, Investment Arm for KRW 8,000,000,000. The bonds will bear a coupon rate of 2% and an interest to maturity rate of 2%. The bonds will mature on January 28, 2025.

The bonds are 100% convertible into 5,115,089 common shares at a fixed conversion price of KRW 1,955 per share from January 28, 2023 to December 28, 2024. The date of subscription is November 29, 2021 and expected date of payment is January 28, 2022. The transaction is approved by the board of directors of the company.

The bonds are subjected to one year hold period from issuance.