By Rebecca Melvin
New York, Sept. 1 – Japan’s Ana Holdings Inc. priced a combined ¥140 billion of 0% convertible bonds in equally sized tranches due 2022 and 2024, according to a company news release.
The initial conversion price of the five-year notes is ¥518.0, giving the notes a 27.02% initial conversion premium. The initial conversion price of the seven-year notes is ¥510.0, resulting in an initial conversion premium of 25.06%.
The Regulation S notes were reoffered at 102.5% of par. They have contingent conversion, and will be issued on Sept. 19.
About half of the proceeds will be used to invest in aircraft, and about half will be used to buy back shares between Sept. 1 and March 31. The offering was part of the company’s medium-term management plan.
Ana is a Tokyo-based air transport company.
| Issuer: | Ana Holdings Inc.
|
| Securities: | Convertible bonds
|
| Amount: | ¥140 billion
|
| Pricing date: | Aug. 31
|
| Settlement date: | Sept. 19
|
| Stock symbol: | TYO: 92022
|
| Stock reference price: | ¥407.8
|
| Market capitalization: | ¥1.44 trillion
|
|
|
| 2022 bonds
|
| Amount: | ¥70 billion
|
| Maturity: | Sept. 16, 2022
|
| Coupon: | 0%
|
| Price: | 102.5% of par
|
| Conversion premium: | 27.02%
|
| Conversion price: | ¥518.0
|
|
|
| 2024 bonds
|
| Amount: | ¥70 billion
|
| Maturity: | Sept. 19, 2024
|
| Coupon: | 0%
|
| Price: | 102.5% of par
|
| Conversion premium: | 25.06%
|
| Conversion price: | ¥510.0
|
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