Softbank to redeem convertible bonds this month, paper says

2 Mar 2009

Japanese telecoms group Softbank Corp is planning to redeem JPY50 billion (USD512 million) in convertible bonds before 1 April, well ahead of their maturity in 2015, Reuters reports citing an article in the Nikkei business daily. The paper says the bonds have a call option that appears to have executed by shareholders on Saturday,the deadline for early redemption was set for the end of this month, the newspaper said, as investors increasingly prefer cash because of the global financial crisis. If taken, the early redemption will reduce Softbank’s interest-bearing debt, which totalled JPY2.43 trillion as of 31 Dec. 2008, the newspaper said.

Japan, SoftBank Group Corp