NTT plans sale of JPY70 billion worth of bonds

23 Jun 2006

Japan’s leading phone company Nippon Telegraph & Telephone Corp (NTT) says it plans to sell at least JPY70 billion (USD6 billion) worth of ten-year bonds to raise funds for continuing operations at its telephone businesses. The telco, which owns and operates three fixed line companies – NTT East, NTT West and NTT Communications – must raise JPY410 billion in its fiscal year ending March 2007, 14% more than it needed year ago, according to spokesman Hideki Ieda.