By Kenneth Lim
Boston, Nov. 22 - Japan's Ricoh Co. Ltd. on Wednesday priced ¥50 billion of five-year euro yen convertible bonds at a 0% coupon and an initial conversion premium of 29%, offered at 100.5.
There is an over-allotment option for a further ¥5 billion.
Ricoh did not identify the bookrunner of the Regulation S offering.
The bonds may be converted into Ricoh common stock at an initial conversion price of ¥2,800 per share. A contingent conversion hurdle is set at 120% of the conversion price.
The bonds are non-callable but may be put in the fourth year.
Ricoh, a Tokyo-based maker of office and electronic equipment, said the proceeds of the deal will be used to repay its outstanding corporate bonds and for capital investments.
| Issuer: | Ricoh Co. Ltd.
|
| Issue: | Euro yen convertible bonds
|
| Amount: | ¥50 billion
|
| Greenshoe: | ¥5 billion
|
| Maturity: | Dec. 7, 2011
|
| Coupon: | 0%
|
| Price: | 100.5
|
| Yield: | Negative 0.8%
|
| Conversion premium: | 29%
|
| Conversion price: | ¥2,800
|
| Conversion ratio: | 357.1429
|
| Contingent conversion: | 120%
|
| Call feature: | Non-callable
|
| Put feature: | Putable in fourth year
|
| Pricing date: | Nov. 22
|
| Distribution: | Regulation S
|
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