NTT DoCoMo Inc., the nation’s dominant provider of cellular phone services, said Tuesday it plans to raise 120 billion yen through 10-year bonds with coupons of 1.43 percent.
The firm’s latest debt issuance is the second this year, following the issuance of five- and 10-year bonds totaling 180 billion yen in March.
NTT DoCoMo said proceeds from its latest offering will be used to finance its overseas investments.
Subscriptions will be accepted until May 25, it said.
Moody’s Investors Service Inc. said later in the day it has assigned an Aa1 rating to the 10-year bonds, having taken into account NTT DoCoMo’s dominant market position, its strong financial profile and its relationship with Nippon Telegraph and Telephone Corp.
“DoCoMo has a dominant market share of approximately 59 percent in the Japanese wireless market, backed by its brand image, wide geographic coverage, advanced network system, excellent research and development capability and extensive marketing and customer service network,” Moody’s said.
“The successful introduction of i-mode, a packet-switched system that provides users Net access, has further enhanced its competitiveness,” added the U.S.-based credit-rating agency.
ReutersSony Corp. said Tuesday it will issue Japan’s first-ever tracking stock in Sony Communications Network Corp., a subsidiary that operates Internet service provider So-net.
Sony said it would market 3,072,000 tracking shares in a public offering with a pay date of June 19.
It said the price had not yet been determined and would be set on June 11, although the Asian Wall Street Journal reported last week that the company aims to raise $200 million to $300 million from the issue.
The Tokyo Stock Exchange said it has approved the listing of the tracking stock, trading in which will begin June 20.
Sony shareholders approved the tracking share issue in January. Holders of the tracking stock will have the right to receive a dividend linked to SCN’s dividend to Sony and will gain the same voting rights as Sony shareholders.
Tracking stocks have been used by companies in the United States to highlight the value of strategic business divisions and as a method of funding and corporate restructuring while maintaining full parent company ownership.
Subscription to the share issue will run from June 12 through 15.
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