Nissan Motor Raises $1.4 Billion From Sale of Convertible Bonds
Nissan plans to use proceeds from the bonds to invest in new products and technologies.
Photographer: Akio Kon/BloombergNissan Motor Co. has raised ¥200 billion ($1.4 billion) from the sale of bonds convertible into stock, according to terms of the deal seen by Bloomberg News, as the ailing Japanese carmaker seeks funds to keep its operations on track.
The convertible bonds carry a coupon of 1% a year, payable semiannually, and mature in 2031, the company said in a filing. The instrument has an initial conversion price of ¥397.2, representing a premium of 30% above Nissan’s closing share price on Wednesday.