Hokkaido Electric Power Company, Incorporated
Announcement of Public Offer Hybrid Bonds (Subordinated Bonds with Warrants)
Plans to issue a new 80 billion yen public offer hybrid bonds, using the funds to prepay the existing 80 billion yen hybrid loan. The issuance conditions are scheduled to be decided in late July, with redemption maturity undetermined (37 years later), and an initial optional redemption date to be set. The joint lead underwriters will be four banks.
Key Figures
- Total bond amount: 80 billion yen
- Condition decision date: late July 2026
- Payment date: three business days after the condition decision date
- Redemption maturity: undetermined (37 years later)
- Initial optional redemption date: undetermined (after 7 years)
AI要約
Section Heading
Hokkaido Electric Power announced that it will issue a new public offer hybrid bond to enhance financial stability. The 80 billion yen bond is scheduled to be used to prepay the existing hybrid loan of the same amount before maturity. The bonds have features that, while bearing debt characteristics, exhibit qualities similar to equity, including optional deferred interest, ultra-long maturity, and subordination. Four companies will serve as joint lead underwriters, with the specific conditions and payment dates to be announced later.
Section 2 Heading
The issuance of these public offer hybrid bonds is part of its capital policy aimed at stabilizing the financial base. The issuance conditions are scheduled to be announced after the decision date. The prepayment of the existing hybrid loan (80 billion yen) will strengthen the company's financial structure. Flexibility is planned regarding redemption dates, including an initial optional redemption after about 7 years, based on future market conditions and demand.
Hokkaido Electric Power Company, Inc.
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