TOKYO: Sony Corp. has hired banks to manage the sale of $1 billion in bonds, Bloombergreports. The company is seeking to sell bonds that mature in three, five and 10 years. Sony (NYSE: SNE) plans to use the proceeds to help it repay around $1.4 billion in bonds coming due in March of next year. The company sold around $1 billion in 1.4 percent five year bonds in December
Nomura Securities Co., Nikko Citigroup Ltd., Mitsubishi UFJ Securities Co. and Mizuho Securities Co. will co-manage the sale, according to Bloomberg’s sources.
Sony is scheduled to report results on Thursday for its fiscal 4Q and full-year ending March 31. The company said earlier this year it expected to post its first net loss in 14 years--up to $1.5 billion. Full-year sales are expected to be down around 13 percent. American Deposit Receipts of Sony fell from nearly $28 to less than $27 a share on the bond sale news. Shares were trading at $26.83 at mid-afternoon. The stock’s low point this year was $15.64, reached in late February. -- Deborah D. McAdams
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