Autobacs calls euroyen zero-coupon convertibles

By Susanna Moon

Chicago, Aug. 31 - Autobacs Seven Co., Ltd. said it would redeem all its outstanding euroyen zero-coupon convertible bonds due 2023.

The redemption date is Oct. 7. The outstanding principal amount of the bonds as of Aug. 30 was ¥270 million, according to a press release.

Investors may convert their holdings into shares until Sept. 12. The conversion rate will be between 1,552.79 and 1,976.28. The conversion price was set at ¥3,220.

If the stock price is equal to or less than the base conversion price, the conversion rate will be 1,552.79. If the stock price is greater than the conversion price, the conversion rate will be based on a formula (1552.79 + (stock price - 3220) * 2173.91/stock price) not to exceed 1,976.28.

The company's stock (Tokyo: 9832) closed at ¥3,010 on Aug. 30.

The company raised ¥10 billion from the bond issue on Sept. 22, 2003 including a ¥1.5 billion greenshoe exercise.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.