Published on 9/21/2004 in the Prospect News Convertibles Daily.
New Issue: Hitachi prices ¥100 billion convertibles in two tranches to yield 0%, up 47.08%
New York, Sept. 21 - Hitachi Ltd. priced ¥100 billion of five-year euroyen zero-coupon convertible bonds in two tranches, both of them to yield 0% with a 47.08% initial conversion premium.
The tranches are both sized at ¥50 billion and are identical except for the conversion price reset dates.
Nomura Securities Co. Ltd. was the underwriter for the bonds, which were issued through Saman Capital Ltd. and were not offered in the United States.
Hitachi, a Tokyo electronics company, will use proceeds to finance research and development and capital investments.
| Issuer: | Saman Capital Ltd. (Hitachi Ltd.)
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| Issue: | Euroyen convertible bonds
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| Maturity: | Oct. 19, 2009
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| Coupon: | 0%
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| Price: | Par
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| Initial conversion premium: | 47.08%
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| Conversion price: | ¥1,009
|
| Put: | Oct. 17, 2008 at par
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| Call: | Non-callable
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| Pricing date: | Sept. 21
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| Settlement date: | Oct. 19
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| Underwriter: | Nomura Securities Co. Ltd.
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|
| Series A
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| Amount: | ¥50 billion
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| Conversion price reset: | To 95% of 30-day average stock price on Oct. 9, 2005 and Oct. 9, 2007
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|
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| Series B
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| Amount: | ¥50 billion
|
| Conversion price reset: | To 95% of 30-day average stock price on Oct. 9, 2006 and Oct. 9, 2008
|
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