Mitsui Sumitomo to redeem ¥100 billion domestic subordinated bonds

By Taylor Fox

New York, Nov. 19 – Mitsui Sumitomo Insurance Co., Ltd. plans to redeem its ¥100 billion domestic subordinated unsecured bonds on Feb. 10, according to a company announcement.

This is Mitsui’s first series of domestic subordinated unsecured bond with interest deferrable option and early redeemable option.

Mitsui also plans to issue up to an additional ¥120 billion of 1.5% bonds between Jan. 1 and March 21.

The new bonds would have a maturity of 60 years and may be voluntarily redeemed after 10 years.

The new bonds will be issued at a price of ¥99 or more per ¥100 of bonds.

The proceeds will be used for working capital, for repayment of bonds and borrowings and for long-term investment funds.

The banking and financial company is based in Tokyo.

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