Nippon Steel Plans Offering of 550 Billion Yen Zero-Coupon Convertible Bonds
MT Newswires Live
Yesterday
Nippon Steel (TYO:5401) plans to issue 550 billion yen in zero-coupon convertible bonds via two tranches to refinance the bridge loan used to acquire U.S. Steel in June 2025.
Of the total, 275 billion yen worth of the bonds will be due in 2029, and the other 275 billion yen will be due in 2031. Both tranches are scheduled to close on March 12, according to a Tokyo bourse filing on Tuesday.
Additionally, the capital will support the company's five-year growth strategy, which includes roughly 6 trillion yen in total investments and $11 billion in capital expenditures at U.S. Steel.
The company may increase the offering size based on investor demand.
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