Chicago, Dec. 5 – OSG Corp. priced ¥22 billion of zero-coupon convertible bonds due 2030, according to multiple press releases.
The issue price is 101.
The initial conversion premium priced as 17% based on the closing share price on Dec. 5 of ¥1,791.50.
Proceeds will be used to repurchase OSG shares to maximize corporate value by improving capital efficiency. If the company does not use all of the proceeds for share repurchases, it will invest the remaining amount in property and equipment.
OSG, based in Tokyo, manufactures and sells precision machine tools and operates in four segments including Japan, Americas, Europe, Africa and Asia.
| Issuer: | OSG Corp.
|
| Amount: | ¥22 billion
|
| Issue: | Convertible bonds
|
| Maturity: | 2030
|
| Coupon: | 0%
|
| Price: | 101
|
| Conversion premium: | 17%
|
| Conversion price: | ¥2,096
|
| Trade date: | Dec. 5
|
| Settlement date: | Dec. 21
|
| Stock symbol: | Tokyo: 6136
|
| Stock price: | ¥1,791.50 on Dec. 5
|
| Market capitalization: | ¥177.69 billion
|
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