By Kenneth Lim
Boston, Feb. 22 - Japan's Toray Industries Inc. priced ¥90 billion of five- and seven-year zero-coupon convertible bonds in two equally sized tranches on Thursday. The initial conversion premium was set at 27% for the 2012 bonds and 23% for the 2014 bonds.
The convertibles were offered at par.
Toray did not identify the bookrunners of the Regulation S offering.
The initial conversion price for the 2012 bonds was set at ¥1,130 per share and for the 2014 bonds at ¥1,094 per share.
Toray, a Tokyo-based diversified manufacturer of fibers, textiles, plastics and chemicals, said the proceeds of the deals will be used for capital expenditures such as improving and expanding its carbon fiber facilities.
| Issuer: | Toray Industries Inc.
|
| Issue: | Convertible bonds
|
| Pricing date: | Feb. 22
|
| Settlement date: | March 12
|
| Distribution: | Regulation S
|
|
|
| Five-year tranche
|
| Amount: | ¥45 billion
|
| Maturity: | March 12, 2012
|
| Coupon: | 0%
|
| Conversion premium: | 27%
|
| Conversion price: | ¥1,130
|
|
|
| Seven-year tranche
|
| Amount: | ¥45 billion
|
| Maturity: | March 12, 2014
|
| Coupon: | 0%
|
| Conversion premium: | 23%
|
| Conversion price: | ¥1,094
|
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