New Issue: Mercari prices ¥50 billion 0% convertible bonds in five- and seven-year tranches

By Abigail W. Adams

Portland, Me., July 14 – Mercari Inc. priced ¥25 billion 0% convertible bonds due 2026 and ¥25 billion 0% convertible bonds due 2028 at par with an initial conversion premium of 54.99% on June 28, according to a company news release and a listing announcement on the Singapore Exchange.

Morgan Stanley & Co. International plc, Goldman Sachs International, Mizuho International plc, SMBC Nikko Capital Markets Ltd., and Daiwa Capital Markets Europe Ltd. were bookrunners for the Regulation S offering.

Mercari is a Tokyo-based e-commerce company.

Issuer:	Mercari Inc.
Securities:	Convertible bonds
Bookrunners:	Morgan Stanley & Co. International plc, Goldman Sachs International, Mizuho International plc, SMBC Nikko Capital Markets Ltd., and Daiwa Capital Markets Europe Ltd.
Pricing date:	June 28
Settlement date:	July 14
Distribution:	Regulation S
Stock symbol:	TYO: 4385
Stock price:	¥6,030 at market close June 28
Market capitalization:	¥949.69 billion
2026 convertible bonds
Amount:	¥25 billion
Maturity:	2026
Coupon:	0%
Price:	Par
Yield:	0%
Conversion premium:	54.99%
Conversion price:	¥9,346
2028 convertible bonds
Amount:	¥25 billion
Maturity:	2028
Coupon:	0%
Price:	Par
Yield:	0%
Conversion premium:	54.99%
Conversion price:	¥9,346

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