Line offers five- and seven- year 0% convertible bonds at 102.5

By Abigail W. Adams

Portland, Me., Sept. 4 – Line Corp. plans to price a two-tranche offering of 0% convertible bonds to mature in 2023 and 2025 in a Regulation S deal, according to a company news release.

Concurrent to the Regulation S offering, the company announced it would issue 0% convertible bonds due 2023 and 2025 with the same terms and conditions to parent company Naver Corp. through a third-party allotment.

The board of directors approved the offerings at their Sept. 4 meeting, according to the news release.

The Regulation S bonds will be priced at par and offered at 102.5. The concurrent offering will be priced and offered at 102.5.

The bonds are callable subject to a 130% hurdle or if less than 10% of the principal amount are outstanding. Net proceeds are expected to be ¥148 billion.

Proceeds will be used by December 2021 with ¥100 billion to be used to fund the company’s financial technology services and ¥48 billion to fund artificial intelligence businesses.

Line is the Tokyo-based subsidiary of Naver, a Seongnam, South Korea-based internet content service company focused primarily on mobile applications and internet services.

© 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.