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Tokyo Century to Raise 12 Billion Yen Through Bond-Type Class Share Issuance

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Tokyo Century (TYO:8439) has resolved to issue 1st through 3rd Series Bond-Type Class Shares via third-party allotment, raising a total of 12 billion yen.

Of the total, 10 billion yen will be raised from Itochu (TYO:8001) and 2 billion yen from The Norinchukin Bank with payment scheduled for Sept. 18.

The non-voting shares carry a preferred dividend of 3.800% per annum through fiscal 2032, stepping up to the 1-year JGB yield plus 1.8% thereafter, and feature call options exercisable after five or more years, according to a Tokyo bourse filing on Monday.

Proceeds of about 11.9 billion yen will be allocated to grid-scale storage battery facilities as part of Tokyo Century's growth investments plan exceeding 2 trillion yen.

Simultaneously, the company will reduce capital stock and capital reserve by 6 billion yen each, transferring the amounts to other capital surplus, with no dilution impact on common shareholders as the shares lack conversion rights.

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