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Nippon Steel to issue up to ¥300B in bonds for Essar Steel buy, investments

Nippon Steel Corp. said Aug. 7 that it decided to publicly issue hybrid bonds of up to ¥300 billion to jointly acquire Essar Steel India Ltd. with ArcelorMittal and fund other investment projects as part of the company's 2020 midterm management plan.

The hybrid bonds will consist of both equity and liabilities, of which the terms and conditions including the issue amount will be determined on or after September.

In June, Nippon Steel publicly issued unsecured straight bonds worth ¥30 billion, ¥30 billion, and ¥20 billion for the first, second and third series, respectively.

As of Aug. 7, US$1 was equivalent to ¥105.7.