Aioi Nissay Dowa Insurance Co. Ltd. is issuing ¥50 billion of domestic subordinated unsecured bonds.
The 60-year bonds will be issued in two tranches of ¥25 billion each. Interest will be paid Sept. 10 and March 10 of each year.
The first series will have an interest rate per year of 0.66% from the day immediately following Sept. 10, 2019, until Sept. 10, 2024; a 6-month Japanese yen London interbank offered rate plus 0.78% from the day immediately following Sept. 10, 2024, until Sept. 10, 2029; and a 6-month Japanese yen London interbank offered rate plus 1.78% from the day immediately following Sept. 10, 2029.
The second series will have an interest rate per year of 0.87% from the day immediately following Sept. 10, 2019, until Sept. 10, 2029, and a 6-month Japanese yen London interbank offered rate plus 1.92% from the day immediately following Sept. 10, 2029.
The company intends to use the funds from the offering for working capital and for long-term investments. The bonds will be publicly offered mainly to institutional investors in Japan's domestic securities market.
Nomura Securities Co. Ltd., Daiwa Securities Co. Ltd. and Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. are the joint lead underwriters for the offering.
Aioi Nissay Dowa Insurance is a subsidiary of Tokyo-based MS&AD Insurance Group Holdings Inc.
