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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