Sony to sell ¥120 billion seven-year convertible bonds at 40% premium

By Rebecca Melvin

New York, June 30 – Sony Corp. plans to price ¥120 billion of seven-year convertible bonds under Regulation S at a 40% initial conversion premium, according to a company news release.

The company is also pricing 87.2 million shares of new common stock and a secondary offering of 4.8 million shares of common stock.

Proceeds will be used to drive growth and make future investments.

The conversion price for the bonds, which have a par of ¥1 million, will be set between July 13 and July 15.

The securities will be non-callable until July 21, 2020 and then provisionally callable if shares exceed 130% of the conversion price for 20 consecutive trading days.

The bonds will be redeemed on Sept. 30, 2022 at 102.5% of par.

Tokyo-based Sony is an electronics company.

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