Rakuten Group Plans to Sell Up to $666 Million Bond-Type Shares
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Japanese e-commerce company Rakuten Group Inc. is planning to issue up to ¥100 billion ($666 million) of corporate bond-type shares to strengthen its financial position.
Rakuten plans to sell as much as 75 million of the stocks, which will have no voting rights and can’t be converted into common shares, avoiding any dilution, the Tokyo-based company said in a statement Tuesday. Fixed dividends will be distributed for about five years and the shares can be called after that period, it said. Details including the size, terms and the timing of issuance will be decided at a later date, and the proceeds can be used for debt redemption.