By Abigail W. Adams
Portland, Me., Dec. 14 – Kobe Steel Ltd. issued ¥25 billion of 0% convertible bonds due 2028 and ¥25 billion of 0% convertible bonds due 2030 on Thursday, according to a company news release and a listing announcement with the Singapore Exchange.
Both tranches priced at par.
Nomura International plc, Mizuho International plc were listed as active bookrunners with Nomura leading the 2028 bonds and Mizuho left lead on the 2030 bonds. Passive bookrunners were Morgan Stanley & Co. International plc and SMBC Nikko Capital Markets Ltd.
Approximately ¥20 billion of net proceeds will be used to invest in carbon neutrality efforts in the company’s steel and electric power business and ¥30 billion will be used for the repayment of debt.
Kobe Steel is a Kobe, Japan-based steel manufacturer.
| Issuer: | Kobe Steel Ltd.
|
| Issue: | Convertible bonds
|
| Bookrunners: | Nomura International plc, Mizuho International plc, Morgan Stanley & Co. International plc and SMBC Nikko Capital Markets Ltd.
|
| Pricing date: | Nov. 28
|
| Settlement date: | Dec. 14
|
| Distribution: | Regulation S
|
| Stock price: | ¥1,780 on Nov. 28
|
| Stock symbol: | TYO: 5406
|
| Market capitalization: | ¥640.69 billion
|
|
|
| 2028 notes
|
| Amount: | ¥25 billion
|
| Maturity: | 2028
|
| Coupon: | 0%
|
| Price: | Par
|
| Conversion premium: | 37.98%
|
| Conversion price: | ¥1,456
|
|
|
| 2030 notes
|
| Amount: | ¥25 billion
|
| Maturity: | 2030
|
| Coupon: | 0%
|
| Price: | Par
|
| Conversion premium: | 31.99%
|
| Conversion price: | ¥2,349.50
|
|
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