New York, March 1 – Ibiden Co., Ltd. priced ¥70 billion of 0% seven-year convertible bonds at 107.5 with an initial conversion premium of 26.99%, according to announcements from the company.
The convertibles, priced on Wednesday, will pay par at maturity.
Nomura International plc, Daiwa Capital Markets Europe Ltd. and SMBC Nikko Capital Markets Ltd. were the bookrunners for the Regulation S offering.
The bonds have a soft call starting on May 15, 2029 subject to a 130% hurdle.
Proceeds will be used to support capital investment at the company’s Ohno electronics plant in response to demand for chips to power artificial intelligence systems.
Ogaki, Japan-based Ibiden manufactures packaging substrates for microprocessors and graph processors, parts for automotive exhaust systems and graphite products.
| Issuer: | Ibiden Co., Ltd.
|
| Amount: | ¥70 billion
|
| Issue: | Euro-yen convertible bonds
|
| Maturity: | March 14, 2031
|
| Bookrunners: | Nomura International plc, Daiwa Capital Markets Europe Ltd. and SMBC Nikko Capital Markets Ltd.
|
| Coupon: | 0%
|
| Price: | 107.5
|
| Conversion premium: | 26.99%
|
| Conversion price: | ¥8,983
|
| Call: | Starting May 15, 2029 at par subject to 130% hurdle
|
| Contingent conversion: | 150%
|
| Pricing date: | Feb. 28
|
| Settlement date: | March 15
|
| Distribution: | Regulation S
|
| Stock symbol: | Tokyo: 4062
|
| Stock price: | ¥7,074 at close on Feb. 28
|
| Market capitalization: | ¥971.12 billion
|
|
|
© 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.
