Sapporo Holdings Ltd. issued ¥12 billion in bonds in its first debt sale since June 2007.
The company, which initially planned to raise about ¥10 billion, priced the five-year, 0.96 percent bonds to yield 30 basis points more than the yen swap rate.
Bondholders can exercise a so-called put option demanding Sapporo buy back the notes should control of the company change and if it is downgraded below investment grade by the Japan Credit Rating Agency, according to a statement from sale manager Mizuho Securities Co. The brewer is ranked BBB+ by the ratings agency, three steps above speculative grade.