By Abigail W. Adams
Portland, Me., Sept. 22 – NTN Corp.’s recently priced ¥22 billion issue of 0% convertible bonds due 2025 will be listed for trade on the Singapore Exchange on Sept. 25, according to a listing announcement.
The bonds priced at 100.5 with an initial conversion premium of 12% on Sept. 6 in a Regulation S offering, according to a company announcement.
They will be redeemed at par upon maturity.
Net proceeds are expected to be ¥22 billion.
Approximately ¥10 billion will be used for investments in growth industries, ¥10 billion will be used for investments in productivity enhancements and ¥2 billion will be used for investments in energy-saving production processes and cash reserves.
NTN is an Osaka-based bearings manufacturer.
| Issuer: | NTN Corp.
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| Amount: | ¥22 billion
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| Issue: | Convertible bonds
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| Maturity: | 2025
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| Coupon: | 0%
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| Price: | 100.5
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| Conversion premium: | 12%
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| Conversion price: | ¥339.5
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| Pricing date: | Sept. 6
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| Settlement date: | Sept. 22
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| Listing: | Sept. 25
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| Distribution: | Regulation S
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| Stock symbol: | TYO: 6472
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| Stock price: | ¥303.2
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| Market capitalization: | ¥146.44 billion
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