United Urban Investment Corp. priced the proposed issuance of ¥10 billion unsecured corporate bonds and another ¥2 billion series of similar bonds at ¥100 per ¥100 corporate bond.
The bonds will be issued via a public offering that will close May 22.
The ¥2 billion bonds may be subscribed May 9, while the subscription period for the other issuance runs from May 10 to May 21.
Per-annum interest is equivalent to 0.240% on the ¥10 billion bonds and 0.230% on the ¥2 billion issuance, with payments due May 22 and Nov. 22 of each year.
The greater of the two bond issues will be fully redeemed Nov. 22, 2023, and the ¥2 billion notes May 22, 2023.
United Urban is targeting roughly ¥11.92 billion in proceeds, which will finance the redemption of ¥10.00 billion of existing corporate bonds. Remaining proceeds will be used for working capital.
SMBC Nikko Securities Inc. and Daiwa Securities Co. Ltd. are the underwriters for the offering.
As of May 9, US$1 was equivalent to ¥109.74.