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Mitsubishi Materials to Issue 70 Billion Yen in Convertible Bonds

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Mitsubishi Materials (TYO:5711) has resolved to issue 70 billion yen in zero-coupon convertible bonds, split evenly between 2030 and 2032 maturities, with the closing date set for July 24.

The funds will support growth investments aimed at transitioning to a resource-circulation business model, including secondary smelting and tungsten recycling, according to a filing with the Tokyo bourse on Thursday.

The company has set the conversion price at 5,275 yen for the 2030 bonds and 5,105 yen for the 2032 bonds, representing premiums of 24% and 20%, respectively, over the July 8 closing share price, according to a separate filing.

Both tranches have zero coupon, a 100% issue price, and are being offered overseas, excluding the U.S.

In a separate disclosure, J-Link said it will purchase these convertible bonds, though Mitsubishi Materials stated it is not involved in those transactions and has no knowledge of their details.

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