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Tobu Railway to buy exchangeable preferreds with share sale proceeds
By Toni Weeks
San Diego, Feb. 23 - Tobu Railway Co., Ltd. said in a news release that it will use ¥80,260,183,200 of the proceeds from upcoming share offerings to purchase euro yen exchangeable preferred securities issued by TR Preferred Capital Ltd., the company's overseas special-purpose subsidiary.
The maximum total proceeds from the company's issue of new shares and secondary offering of shares planned for March and based on the Feb. 10 closing price of its ordinary shares will be ¥93,200,505,000.
Of the remaining proceeds, ¥6 billion will be used to cover the cash reserves needed for additional investment into Tobu Tower Sky Tree Co., Ltd. and the balance will be used to repay outstanding short-term loans in order to reduce interest-bearing debt.
The company said it will use the proceeds for these purposes by the end of March.
Tobu Railway is a Tokyo-based rail operator.
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