Mitsui O.S.K. Lines, Ltd. announced that it has concluded a contract for 50 billion yen funding through new hybrid loan (the “New Hybrid Loan”).
Meanwhile, like the hybrid corporate bonds announced in the March 17, 2021, press release: “MOL Announces Issuance of Publicly Offered Hybrid Corporate Bonds“, the loan will be used to fund part of the early repayment of the existing hybrid loan(the “Existing Hybrid Loan) concluded on September 30, 2016.
1. Outline of the New Hybrid Loan
|(1) Signing date||September 30, 2021|
|(2) Loan amount||50 billion yen|
|(3) Maturity date||October 9, 2056
However, MOL may repay all or part of the principal on any interest payment date thereafter five years from the loan execution date, or upon occurrence of any predefined early repayment events.
|(4) Replacement restrictions||
|(5) Deferral of interest payments||MOL may defer all or part of the interest payments at its discretion, subject to mandatory payment clauses.|
|(6) Acquired rating||BBB (Japan Credit Rating Agency, Ltd.)|
|(7) Equity credit||Middle Level,50%|
(Note 1) Please refer to September 30, 2016, press release:
MOL Enters into Agreement for Fund Procurement through Hybrid Loan
2. Early Repayment of Existing Hybrid Loan
MOL will complete an early repayment of the Existing Hybrid Loan (Note 1) on October 7, 2021.