Bullet Repayment at Maturity and Refinancing of Convertible Bonds
First written in FY2019. 4 of 9 entries say "Mitigated", first in FY2020-Q2. Latest entry: FY2025.
0 other companies' latest entry also says "Mitigated".
- FY2025MitigatedAnnual report
「The redemption of the 2025 Euro-yen convertible bonds with stock acquisition rights due on 29 January 2025」
The ¥23 billion in convertible bonds maturing on 29 January 2025 was redeemed, eliminating the balance that had been subject to bullet repayment at maturity and refinancing. - FY2025-H1MitigatedAnnual report
「On 18 October 2024, the Company issued ¥10 billion in third-series unsecured bonds, which it plans to use in part to fund the redemption of its 2025 Euro-yen convertible bonds with stock acquisition rights due on 29 January 2025. On 13 November 2024, the Company also entered into a syndicated loan agreement totaling ¥12 billion to use in part to fund the redemption of the same convertible bonds.」
For the convertible bonds maturing on 29 January 2025, the Company proceeded with measures to secure part of the redemption funds through the issuance of ¥10 billion in straight bonds and a syndicated loan agreement totaling ¥12 billion. - FY2024WorsenedAnnual report
「On 29 January 2021, the Company issued ¥23 billion in aggregate principal amount of 2025 Euro-yen convertible bonds with stock acquisition rights (the “Convertible Bonds”). If conversion of these Convertible Bonds into shares does not progress, for example because the Company's share price remains below the conversion price due to various factors, the remaining Convertible Bonds will need to be redeemed in a lump sum at par on the maturity date (29 January 2025), and the Company may need to take measures such as refinancing through financing methods including other methods.」
For the convertible bonds maturing on 29 January 2025, the balance of ¥22,971 million at the end of the fiscal year was recorded as due for redemption within one year, bringing the repayment and refinancing date closer. - FY2023RestatedAnnual report
「The remaining Convertible Bonds will need to be redeemed in a lump sum at par on the maturity date (29 January 2025), and the Company may need to take measures such as refinancing through financing methods including other methods.」
The risk of bullet repayment at maturity and refinancing for the convertible bonds maturing in 2025 continues to be disclosed. - FY2022RestatedAnnual report
「On 29 January 2021, the Company issued ¥23 billion in aggregate principal amount of 2025 Euro-yen convertible bonds with stock acquisition rights (the “Convertible Bonds”).」
The risk of bullet repayment at maturity and refinancing in January 2025 continues to be disclosed. - FY2021WorsenedAnnual report
「On 29 January 2021, the Company issued ¥23 billion in aggregate principal amount of 2025 Euro-yen convertible bonds with stock acquisition rights (the “Convertible Bonds”). If conversion of these Convertible Bonds into shares does not progress, for example because the Company's share price remains below the conversion price due to various factors, the remaining Convertible Bonds will need to be redeemed in a lump sum at par on the maturity date (29 January 2025), and the Company may need to take measures such as refinancing through financing methods including other methods.」
After conversion of the previous convertible bonds was completed, new ¥23 billion convertible bonds maturing in 2025 were issued, causing repayment and refinancing risk to arise again. - FY2020-Q3MitigatedAnnual report
「For the second series of unsecured convertible bonds with stock acquisition rights, with a face value of ¥4 billion, requests to exercise the stock acquisition rights were made for the entire amount by 29 January 2020, as stated under significant subsequent events, and conversion into common shares was completed.」
The full ¥4 billion par value of the second series of convertible bonds has been converted, eliminating the remaining convertible bonds that could have been subject to bullet repayment at maturity and refinancing. - FY2020-Q2MitigatedAnnual report
「All of the first series of unsecured convertible bonds with stock acquisition rights (par value: ¥4 billion) have been exercised and converted into common shares. If conversion into shares of the second series of unsecured convertible bonds with stock acquisition rights (par value: ¥4 billion) does not progress, for example because the Company's share price remains below the conversion price due to various factors, the remaining convertible bonds will need to be redeemed in a lump sum at par on the maturity date (7 June 2021), and the Company may need to take measures such as refinancing, including through other financing methods.」
Of the ¥8 billion in convertible bonds, the first series, amounting to ¥4 billion, has been fully converted, reducing the remaining amount potentially subject to bullet repayment at maturity and refinancing to ¥4 billion of the second series. However, the risk associated with the remaining bonds continues. - FY2019First statedAnnual report
「If the conversion of these convertible bonds into shares does not progress, for example because the Company's share price remains below the conversion price due to various factors, the remaining convertible bonds will need to be redeemed in a lump sum at par on the maturity date (7 June 2021), and the Company may need to take measures such as refinancing, including through other financing methods.」
A new risk has been identified involving the bullet repayment at maturity in June 2021 and the need for refinancing if conversion into shares of the ¥8,000 million convertible bonds does not progress.