Substantial Borrowings and Bond-Type Preferred Shares, and Repayment and Redemption Risks
First written in FY2025. 3 of 6 entries say "Mitigated", first in FY2026-H1. Latest entry: 2026-07-31.
The whole theme swung hardest in 2017: 26 of 105 companies on the "Worse" side.
84 other companies' latest entry also says "Mitigated".
- 2026-07-31MitigatedRevisions to earnings forecasts
「Bonds and borrowings decreased by ¥413.0 billion, mainly due to the repayment of long-term borrowings in connection with the early repayment of borrowings.」
Early repayment reduced bonds and borrowings from the end of the previous fiscal year, partially reducing the existing repayment and redemption burden. No new assessment was provided regarding the remaining risks associated with bonds, borrowings or financial covenants. - FY2026RestatedAnnual report
「At the end of the consolidated fiscal year, total interest-bearing debt was ¥1,022.8 billion, the ratio of equity attributable to owners of the parent was 37.9%, and net interest-bearing debt/Non-GAAP EBITDA was 0.46x.」
The disclosure confirms the reduction in the previous year’s burden through the acquisition and cancellation of all preferred shares and refinancing, while noting remaining risks associated with ¥1,022.8 billion of bonds and borrowings and financial covenants. - FY2026-H1MitigatedAnnual report
「In July 2025, the Company issued unsecured senior notes denominated in U.S. dollars to reduce its cost of capital and strengthen cash-flow generation, extend maturities and smooth the repayment schedule, improve debt covenants, release security over existing term loans and diversify funding methods. Using the proceeds, it acquired and cancelled all Class A and Class B preferred shares issued in June 2019 and refinanced its existing financing agreements with financial institutions under new agreements with improved terms.」
The redemption burden associated with non-convertible preferred shares has been eliminated, and refinancing improved maturities and other terms. Risks associated with new borrowings, bonds and financial covenants remain. - FY2025First statedAnnual report
「The Group has entered into financing agreements with financial institutions as lenders, including syndicated loans, and has incurred substantial borrowings.」
At the end of the fiscal year ended March 2025, borrowings were ¥777.7 billion and bond-type preferred shares were ¥321.3 billion. Financial covenants, security interests and an obligation to redeem preferred shares in June 2028 applied.