New York, Feb. 17 – Lixil Group Corp. priced ¥120 billion of zero-coupon convertible bonds in tranches due 2020 and 2022, according to company press releases.
Both tranches are sized at ¥60 billion, and they were each priced at par and will be redeemed at par.
The 2020 convertibles have a conversion premium of 43.02% while the 2022 convertibles have a conversion premium of 40.07%.
Proceeds will be used to fund the company’s management strategy, for growth and to strengthen Lixil’s financial base. Specifically proceeds will be contributed to company subsidiaries and used to repurchase stock.
Lixil is a Tokyo-based manufacturer of building materials and products for the housing equipment industry.
| Issuer: | Lixil Group Corp.
|
| Issue: | Zero-coupon convertible bonds
|
| Amount: | ¥120 billion
|
| Coupon: | 0%
|
| Price: | Par
|
| Yield: | 0%
|
| Pricing date: | Feb. 16
|
| Settlement date: | March 4
|
| Distribution: | Regulation S
|
| Stock price: | ¥2,713 at close on Feb. 16
|
|
|
| Five-year convertibles
|
| Amount: | ¥60 billion
|
| Maturity: | March 4, 2020
|
| Conversion premium: | 43.02%
|
| Conversion price: | ¥3,880
|
|
|
| Seven-year convertibles
|
| Amount: | ¥60 billion
|
| Maturity: | March 4, 2022
|
| Conversion premium: | 40.07%
|
| Conversion price: | ¥3,800
|
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