Metaplanet to Issue ¥52 Billion in Convertible Bonds to Repay Debt, Fund Share Buyback
Summary
- Metaplanet said it will issue convertible bonds worth ¥52 billion to repay debt and fund a share buyback.
- The zero-coupon convertible bonds mature in 2031 and are scheduled for listing on the Singapore Exchange on Oct. 29.
- Of the ¥51.9 billion to be raised, about ¥23.6 billion will be used for repayment of Bitcoin-backed loans, while as much as ¥28.3 billion will go toward a share buyback equal to 7.1% of the total.
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Japanese Bitcoin investment firm Metaplanet will issue ¥52 billion ($347 million) in convertible bonds to repay debt and buy back shares.
Odaily reported on Oct. 13 that Metaplanet plans to issue zero-coupon convertible bonds due in 2031. The notes are scheduled to list on the Singapore Exchange on Oct. 29, with Merrill Lynch International serving as sole bookrunner.
Metaplanet expects to raise about ¥51.9 billion from the bond sale. Of that, about ¥23.6 billion will be used to repay Bitcoin-backed loans, while as much as ¥28.3 billion will be allocated to share repurchases. The buyback would cover about 97.94 million shares, or roughly 7.1% of shares outstanding.
The fundraising is part of Metaplanet's Project Nova strategy, Odaily reported.
Uk Jin
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