Sony greenshoe exercised, raising convertibles to ¥250 billion

New York, Dec. 2 - Sony Corp. said underwriters of its offering of five-year euro-yen zero-coupon convertible bonds exercised the ¥30 billion over-allotment option in full, raising the size of the deal to ¥250 billion.

The Tokyo electronics company originally sold ¥220 billion of the securities after the market closed on Dec. 1 at 102.5 with a 47.5% initial conversion premium.

Bookrunners for the offering were Goldman Sachs International and Merrill Lynch International with Morgan Stanley as joint lead manager. The bonds were not offered in the United States.

Sony will use proceeds to fund capital investment to promote growth in semiconductors and "key" devices, including display devices.

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