Japanese satellite operator Sky Perfect JSAT plans to raise JPY20bn (US$162m) in three bonds to fund capital investments.
All of the tranches, representing its second, third and fourth unsecured straight bonds, will be issued at par and begin paying…
Japanese satellite operator Sky Perfect JSAT plans to raise JPY20bn (US$162m) in three bonds to fund capital investments.
All of the tranches, representing its second, third and fourth unsecured straight bonds, will be issued at par and begin paying semi-annually from 18 June.
Its second unsecured domestic bond is worth JPY5bn (US$40m), has a 0.312% coupon and matures in 2020. Mitsubishi UFJ, Morgan Stanley, Nomura, Daiwa and SMBC Nikko are joint lead managers.
The third is for JPY5bn at 0.564% and matures in 2022. Its joint lead managers are Daiwa, Nomura, Mitsubishi UFJ, Morgan Stanley and SMBC Nikko.
The final JPY10bn (US$81m) tranche carries a 0.972% coupon and has a redemption date in 2025. It has Nomura, Mitsubishi UFJ, Morgan Stanley, Daiwa and SMBC Nikko as JLAs.
Sky Perfect said in March that it would spin out its subsidiary that broadcasts Japanese content overseas, and then invest about US$55m in it alongside US$36.36m coming from Cool Japan Fund, a government-owned investment fund.
The group also has four satellites on order, although CEO Shinji Takada told SatelliteFinance in January that they are being funded through cash on hand or operating cashflow, rather than debt. It has also not used export credit agencies.
“From the in-organic growth perspective, we never exclude M&A from our strategy options,” he said in the interview.
“We see it as an essential component of business growth, enhancing our core business and/or accessing new markets globally. We are continuously seeking those opportunities and carefully considering the right fit with our strategy.”
