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Shimizu to Issue 100 Billion Yen Zero-Coupon Convertible Bonds Due 2031, 2033

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Shimizu (TYO:1803) said its board agreed to issue 100 billion yen in zero-coupon convertible bonds due 2031 and 2033, according to a Tokyo bourse filing on Thursday.

The company will issue 50 billion yen in each convertible bond due 2031 and 2033 at an issue price of 100.5% with a zero coupon, with closing scheduled for Oct. 13, and will be redeemed at 100% on maturity.

The net proceeds of 90 billion yen will be used to fund mergers and acquisitions, and the remaining 10 billion yen will be used to repurchase common shares.

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SGX:DRX
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