Nippon Steel Corporation, the largest steelmaker in Japan and the fifth largest globally, completed its offering consisted of ¥150 billion of zero coupon convertible bonds due 2024 and ¥150 billion of zero coupon convertible bonds due 2026, and was Nippon Steel’s first underwritten international securities offering. The bonds are governed by English law and are listed on the Singapore Stock Exchange.
Nippon Steel will use the proceeds to fund the capital expenditures, business investments, research and development investments and systems development investments that are the pillars of its business strategy, and to fund the repayments of borrowings and bonds.
The S&C team included Keiji Hatano, Nirav Mehta, Adam Church and Harold Primm in Tokyo. A London-based team including Vanessa Blackmore, Kirsten Rodger and Anastasya Larasati advised on U.K. law- and E.U. law-related matters. Andrew Thomson and Joshua Stevens advised on U.K. tax matters.