Osaka Soda to sell ¥10 billion of 0% five-year convertibles at 102.5, up 25% to 30%

By Stephanie N. Rotondo

Seattle, Sept. 11 – Osaka Soda Co. Ltd. is offering ¥10 billion of 0% five-year 6th series unsecured convertible bond-type bonds with stock acquisition rights, the company said in a press release.

The bonds will be sold at 102.5% of par with a conversion premium of between 25% and 30% over the underlying stock’s closing price on the Tokyo Stock Exchange between Monday and Wednesday.

The debt matures on Sept. 16, 2022.

Bondholders can put the convertibles at par on Sept. 18, 2020.

The ¥1 million-par bonds can also be redeemed earlier in the event of a reorganization or delisting.

Proceeds will be used to implement the company’s “Next Frontier 100” medium-term management plan, which will include a planned capital expenditure program. Additionally, a portion of the proceeds will be used to acquire treasury stock in order to improve capital efficiency and make investments for future growth.

Osaka Soda is an Osaka, Japan-based chemical manufacturing company.

© 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.