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Mitsubishi UFJ Financial to repurchase notes on prorated basis

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Mitsubishi UFJ Financial to repurchase notes on prorated basis

Mitsubishi UFJ Financial Group Inc. said that the notes it intends to repurchase under a debt tender offer will be bought on a prorated basis.

The company will purchase the notes on a prorated basis as the aggregate amount of each series of notes that were tendered exceeded the maximum series tender cap.

The aggregate principal amount tendered for the group's 2.95% senior notes due March 1, 2021, came to about US$2.05 billion, exceeding the series tender cap of US$850 million, according to a Form 6-K filed March 12.

In addition, the aggregate principal amount tendered for the company's floating-rate senior notes due March 1, 2021, came to US$261.0 million, exceeding the series tender cap of US$150 million.

The company now plans to purchase the notes on a prorated basis using a proration factor of approximately 42.5% for the 2.95% senior notes and 58.9% for the floating-rate senior notes. It noted that after proration is applied, each holder of the notes will have a fraction of the principal amount of validly tendered notes purchased.

While the tender offers will expire March 23, the Japanese group said that it will not accept for purchase any notes tendered subsequent to the early tender date as the tender offers were fully subscribed.