By Rebecca Melvin
New York, Dec. 2 - The conversion price of ORIX Corp.'s ¥150 billion of 5.5-year convertible bonds was set at ¥7,138 per share, representing an initial conversion premium of 25.01%, according to a news release Tuesday.
The closing price of ORIX's common stock on the Tokyo Stock Exchange on Tuesday was ¥5,718 per share.
The subscription period is set from Dec. 3 to Dec. 8, with allotment and closing set for Dec. 17.
As reported Nov. 20, the unsecured convertible bonds, with a face value of ¥1 million, carry a coupon of 1%. The bonds will be issued only in bearer form with interest coupons, and registered bonds shall not be issued. The bonds will mature March 31, 2014.
Net proceeds are estimated to be ¥146 billion, of which ¥80 billion will be applied toward redemption of bonds and commercial paper, with the remaining to be applied to repayment of short-term debt.
Administrators of the bonds are the Bank of Tokyo-Mitsubishi UFJ, Ltd. (principal administrator), the Sumitomo Trust & Banking Co., Ltd and Mitsubishi UFJ Trust and Banking Corp.
Tokyo-based ORIX is an integrated financial services group.
| Issuer: | ORIX Corp.
|
| Issue: | Convertible unsecured bonds
|
| Amount: | ¥150 billion
|
| Maturity: | March 31, 2014
|
| Administrators: | Bank of Tokyo-Mitsubishi UFJ, Ltd. (principal administrator), Sumitomo Trust & Banking Co., Ltd., Mitsubishi UFJ Trust and Banking Corp.
|
| Coupon: | 1%
|
| Price: | Par of ¥1 million
|
| Yield: | 1%
|
| Conversion price: | ¥7,138 per share
|
| Conversion premium: | 25.01%
|
| Settlement date: | Dec. 17
|
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