Autobacs Seven greenshoe exercised, raising convertibles to ¥10 billion

New York, Sept. 11 - Autobacs Seven Co., Ltd. said the underwriter of its recent offering of euroyen zero-coupon convertible bonds due 2023 exercised the ¥1.5 billion greenshoe in full, raising the size of the deal to ¥10 billion.

The Tokyo automotive accessories retailer originally sold ¥8.5 billion of the convertibles on Sept. 3 to yield negative 0.6% with a 40% initial conversion premium.

Merrill Lynch International was lead manager of the offering, which was sold primarily in Europe and not offered in the U.S.

Autobacs Seven will use proceeds to reformat its stores, for investments in information technology and for general corporate purposes.

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