Nissan Motor raises US$1.4b from sale of convertible bonds
The convertible bonds carry a coupon of 1% a year, payable semiannually, and mature in 2031, the company said in a filing. The instrument has an initial conversion price of ¥397.2, representing a premium of 30% above Nissan's closing share price on Wednesday.
The sale, one of Japan's biggest in years, is part of Nissan's broader effort to raise more than ¥1 trillion and revamp the carmaker. Chief Executive Officer Ivan Espinosa, who was appointed earlier this year, is seeking to revamp a carmaker that's got an aging product lineup and is facing a huge loan repayment wall next year.
The company plans to use proceeds from the bonds to invest in new products and technologies, it said Monday. Nissan was also planning to issue a total of $4 billion in unsecured dollar- and euro-denominated junk bonds for general corporate purposes including refinancing debt, people familiar with the matter have said.
Asian companies have flocked to issue convertible bonds, which offers lower borrowing costs. Recent examples include Ping An Insurance (Group) Co. of China, Chow Tai Fook Jewellery Group Ltd. and Singapore's Grab Holdings Ltd., who each raised more than $1 billion from the sale of such bonds. Property developer Henderson Land Development Co. issued HK$8 billion ($1 billion) in convertible bonds this week.
Nissan shares fell 3.2% to ¥305.5 on Wednesday, extending this year's drop to 36%.
Bank of America Corp., Citigroup Inc., Mizuho Financial Group Inc., Morgan Stanley and SMBC Nikko Securities Inc. are arranging the Nissan deal. –BLOOMBERG
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