By Rebecca Melvin
New York, Nov. 14 - Sony Corp. priced ¥150 billion of five-year zero-coupon convertible bonds under Regulation S with a 10% initial conversion premium, according to a company news release.
Proceeds will be used to refinance short-term funding for capital expenditures and acquisitions and to fund the redemption of bonds maturing in March.
About ¥60 billion earmarked ultimately for capital expenditures will be used to increase production capacity of CMOs image sensors; ¥50 billion will go to purchase Olympus Corp. shares under a business and capital alliance, with the remainder for funding an acquisition and for repurchasing bonds maturing in March.
Bookrunners for the offering were JPMorgan Chase & Co., Goldman Sachs Group Inc., Nomura Holdings Inc. and SMBC Nikko Capital Markets Ltd., according to a report.
Tokyo-based Sony is an electronics company.
| Issuer: | Sony Corp.
|
| Issue: | Convertible bonds
|
| Amount: | ¥150 billion
|
| Maturity: | Nov. 30, 2017
|
| Bookrunners: | JPMorgan Chase & Co., Goldman Sachs Group Inc., Nomura Holdings Inc., SMBC Nikko Capital Markets Ltd.
|
| Coupon: | 0%
|
| Conversion premium: | 10%
|
| Conversion price: | ¥957
|
| Distribution: | Regulation S
|
| Pricing date: | Nov. 14
|
| Settlement date: | Nov. 30
|
| Stock reference price: | ¥870
|
| Stock reference: | Tokyo: 6758
|
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