JAPAN: Asahi in JPY70bn bond issue
Japanese beer maker Asahi Breweries has announced it is to issue JPY70bn (US$675m) of convertible bonds, with some of the funds raised to be used to buy back shares.
The company, which is the country's second largest brewer, said it would issue JPY35bn worth of bonds due in 2023, and a further JPY35bn worth due in 2028.
The bond issue is aimed at boosting return on equity, and is a comparatively rare move for a Japanese company to make.
Some JPY55bn of the raised funds will be used to pay down short-term debt which financed the buying out of minority shareholders in Asahi Soft Drinks Co. last year.
Asahi said it planned to buy back shares up to a value of around JPY20bn, which would represent 2.1% of outstanding shares, between 14 May and 29 August.
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