Sony to Tap Consumers in $1.5 Billion Bond
Sony said Friday it will issue its first ever bond aimed at individual investors to raise 150 billion yen ($1.48 billion).
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Most of the proceeds will be used to roll over 110 billion yen of debt due for repayment at the end of the year, with the remainder to be used to invest in plant and equipment.
"The bond is primarily for maintaining financial stability," Sony spokeswoman Yuki Shima said. She declined to give details of how the remaining 40 billion yen would be invested.
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The unsecured domestic five-year bond will be issued on June 19 in Japan with a coupon of between 0.8 percent and 1.4 percent, Sony said in a financial filing.