On Tuesday evening, and after a rapid bookbuild of less than three hours, Casio Computer sold Ñ50 billion $476 million worth of convertible bonds in a Reg-S deal to European, offshore US and Asia-Pacific accounts. The proceeds are to be used to expand the company's highly profitable business abroad, which includes the famous G-Shock watch.
The deal had two joint bookrunners, JPMorgan and UBS, with Daiwa Securities SMBC Securities as co-manager.
The conversion price was set at Ñ1,952, a 35% premium to the dayÆs closing price, after being offered in a range of 25% to 35%. The deal reportedly went very smoothly. öItÆs the only convertible bond by Casio out in the market,...
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