Sony to Sell $1.9 Billion of Convertible Bonds to Expand
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Sony Corp., the Japanese electronics maker reeling from four consecutive annual losses, plans to raise 150 billion yen ($1.9 billion) from convertible bonds to fund an expansion in its first sale of the security in almost a decade.
Sony will sell zero-coupon convertible bonds maturing in five years to fund acquisitions and the expansion of imaging-sensor facilities, the company said in a statement yesterday. The conversion price was set at 957 yen, or 10 percent above yesterday’s stock’s closing price in Tokyo.