Japanese mobile operator KDDI is looking to sell Y200bn (US$2.6bn) worth of convertible bonds to buy back its own shares from Tokyo Electric Power Company (Tepco), Reuters reported.
The move comes after Tepco announced that it was selling its entire…
Japanese mobile operator KDDI is looking to sell Y200bn (US$2.6bn) worth of convertible bonds to buy back its own shares from Tokyo Electric Power Company (Tepco), Reuters reported.
The move comes after Tepco announced that it was selling its entire 7.97% stake in KDDI for Y186bn (US$2.4bn), according to local newspapers citing a filing to the Tokyo Stock Exchange.
A few months ago, it was revealed that the energy company was planning to use the proceeds from this transaction, as well as from separate asset sales, to pay for compensation claims following the disaster at its Fukushima nuclear power plant in early March.
The bonds, which are expected to mature in 2015, reportedly represent one of the largest offerings in the country in recent years.
KDDI was not immediately available for comments before the press deadline.
