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Bond Market News
Rakuten Launches Buyback Offer for 2024s
January 29, 2024
Japanese technology company Rakuten has launched a tender offer to buy back up to $1bn of its dollar bonds due 2024, exclusive of accrued and unpaid interest. The bonds in question are its 10.25% 2024s and 3.546% 2024s, both of which mature in November. The two bonds will be accepted in the above order of priority at consideration prices of $1,006.76 and $956.75 respectively per $1,000 in principal. An early tender premium consideration of $30 per $1,000 in principal will be paid for those who tender the notes before the early deadline of February 7. The offer expires on February 23.
Rakuten’s 10.25% 2024s are trading at 103.72, yielding 5.6% vs. the offer price of 100.676. Its 3.546% 2024s are trading at 97.43, yielding 6.8% vs. the offer price of 95.675.
For more details on the tender offer, click here
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