New York, July 28 – Sosei Group Corp. priced its ¥30 billion of 0.25% convertible bonds due 2026 at 102.5 with a conversion price of ¥2,235, according to an offering circular.
J.P. Morgan Securities plc and Merrill Lynch International are the joint lead managers and joint bookrunners for the offering.
The convertibles have a soft call starting on Aug. 27, 2024 subject to a 130% hurdle and a clean up call.
Proceeds from the offering will be used to repurchase existing convertibles, to fund strategic growth initiatives along with funds previously raised in 2020 from the sale of shares and convertibles, for research and development and for working capital.
Concurrent with the sale of the new convertibles, Sosei bought back ¥15.75 billion of its existing ¥16 billion of 0.5% convertible bonds due 2025.
The convertibles were listed on the Singapore Exchange on Wednesday.
Some information about the offering was previously reported.
The biopharmaceutical group is based in Tokyo and has research facilities in Cambridge, U.K. Its corporate brand and trademark is Sosei Heptares.
| Issuer: | Sosei Group Corp.
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| Issue: | Convertible bonds
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| Amount: | ¥30 billion
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| Maturity: | July 27, 2026
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| Bookrunners: | J.P. Morgan Securities plc and Merrill Lynch International
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| Co-managers: | Mizuho Securities, Nomura, SMBC Nikko
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| Coupon: | 0.25%
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| Price: | 102.5
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| Conversion price: | ¥2,235
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| Call: | From Aug. 27, 2024 at par subject to 130% hurdle
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| Put: | July 27, 2024 at par
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| Pricing date: | July 21
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| Issue date: | July 27
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| Distribution: | Regulation S
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| ISIN: | XS2363140810
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| Trustee: | Law Debenture Trust Corp. plc
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| Issuer’s counsel: | Nishimura & Asahi
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| Underwriters’ counsel: | Gaikokuho Kyodo-Jigyo Horitsu Jimusho Linklaters
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| Stock ticker: | Tokyo Mothers Market: 4565
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| Stock price: | ¥1,712 at close on July 20
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| Market capitalization: | ¥139 billion
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