TOKYO, Mar 11 (Pulse News Wire) – Tokai Carbon CO.,LTD. (5301.T) announced today the issuance conditions for its fourth series of subordinated hybrid bonds with deferral provisions.
The total amount of the bond issue is ¥25.00 billion. The initial fixed interest rate is set at __NUM_1%, valid until March 25, 2031, after which it will switch to a floating rate with a step-up adjustment on the day following March 25, 2031. Key features of the bonds include semi-annual interest payments on March 25 and September 25 each year, and the possibility of early redemption on March 25, 2026, and subsequent interest payment or principal repayment dates due to tax reasons or changes in capital structure. Additionally, the issuer retains discretion to defer interest payments entirely or partially on any interest payment date. The bonds rank subordinate to general unsecured debt but senior to ordinary shares.
They received credit ratings of BBB+ from Rating and Investment Information, Inc. and A- from Japan Credit Rating Agency Limited. The capital treatment classification is "Class 3, Capital Adequacy __NUM_2%" according to Rating and Investment Information, Inc., and "Medium to High" according to Japan Credit Rating Agency Limited. The bonds will be offered through public subscription within Japan, with Nomura Securities Co., SMBC Nikko Securities Co., Mitsubishi UFJ Morgan Stanley Securities Co., and Mizuho Securities Co. acting as joint lead managers.
The Central Depository & Clearing Corporation will serve as the depository and settlement agent, while Mitsubishi UFJ Bank will act as trustee and paying agent.
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