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Fast Retailing to issue ¥2.5 trillion unsecured straight bonds

Fast Retailing Co. Ltd. said May 30 that it will issue its fifth to eighth series of unsecured straight bonds capped at ¥2.5 trillion, proceeds of which will be used to fund the company's digital and international growth.

The fifth series, worth ¥800 billion, will carry a coupon of 0.11% per annum and will mature June 6, 2023.

The sixth ¥300 billion series will carry a coupon of 0.22% annually and will mature June 6, 2025.

The seventh series with the amount of ¥1 trillion will have a coupon rate of 0.405% per year and a maturity date of June 6, 2028.

The ¥400 billion bond, the retailer's eighth series, will have a coupon rate of 0.88% per annum and a maturity date of June 4, 2038.

The bonds, which received an AA rating from Japan Credit Rating Agency Ltd., will be issued at par value and will be paid June 6, the release said.

The Japanese retailer, which operates apparel brand Uniqlo, recently filed a shelf registration for corporate bonds worth as much as ¥250 billion to the Kanto Local Finance Bureau.

Nomura Securities Co. Ltd., Mitsubishi UFJ Morgan Stanley Securities Co. Ltd., SMBC Nikko Securities Inc. and Mizuho Securities Co. Ltd. will act as underwriters of the issuance, while Sumitomo Mitsui Banking Corp. and MUFG Bank Ltd. will serve as fiscal agents.