Hulic Co. Ltd. is targeting to raise between ¥100 billion and ¥150 billion through a planned offering of subordinated bonds and obtaining subordinated loans.
The company said it filed an application with the director-general of the Kanto Local Finance Bureau to amend its shelf registration in light of the planned public offering of subordinated bonds. Hulic said the amount and other terms of the bonds will be determined January 2018 and will be subject to market conditions.
Hulic expects the hybrid financing plan to help strengthen its financial base while avoiding a decline in capital efficiency as it seeks to accelerate its growth strategy.
Mizuho Securities Co. Ltd. has been appointed the proposed offering's book runner, while Nomura Securities Co. Ltd. and Daiwa Securities Co. Ltd. will be functioning as the issuance's co-lead managers.
As of Dec. 1, US$1 was equivalent to ¥112.86.
