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Nippon Steel Sets Terms for Three-Tranche Bond Issue Valued at 90 Billion Yen

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Nippon Steel (TYO:5401) finalized terms for the issuance of its 13th, 14th, and 15th series of unsecured straight bonds, totalling 90 billion yen, according to a Tokyo bourse filing on Wednesday.

The 13th series, with an issue value of 46.1 billion yen, carries a 2.014% coupon rate and matures in 2029, while the 14th worth 19.6 billion yen pays 2.444% and matures in 2031. The 15th series, carrying a value of 24.3 billion yen, offers 3.202% interest rate and matures in 2036.

Each bond has a denomination of 100 million yen, with an issue and redemption price at 100% of par.

The public offering in Japan runs from June 10, with the payment date set for June 16. Interest is paid semi-annually on June 16 and Dec. 16, and the bonds include negative pledge clauses but no collateral or guarantees.

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