Sosei considers repurchasing ¥16 billion 0.5% convertibles due 2025

By Wendy Van Sickle

Columbus, Ohio, July 7 – Sosei Group Corp.’s board of directors is conducting a process to receive interest for holders of its outstanding ¥16 billion of 0.5% convertible bonds due 2025 (ISIN: XS2198851219) to sell their bonds to the company, according to a company news release.

The repurchase price would be determined by the company, and the repurchase would be funded using proceeds from an issuance of new bonds.

Sosei said the effects it wishes to achieve include lowering funding costs, extending the maturity of its debt, reducing dilution per bond and potentially better economic terms through increased investor demand.

Sosei may, at its discretion, continue to buy back on-market any remaining convertibles following this repurchase.

The biopharmaceutical group is based in Tokyo and has research facilities in Cambridge, U.K. Its corporate brand and trademark is Sosei Heptares.

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