Metaplanet to Issue $333 Million Zero-Coupon Convertible Bonds

ChainCatcher report: Metaplanet, a Japanese-listed Bitcoin treasury company, announced plans to issue its first-ever zero-coupon Euroyen convertible bonds with a total principal amount of approximately $333 million (52 billion JPY), maturing in 2031. Bank of America Securities serves as the sole bookrunner. The bonds will be issued at 102.5% of par value and listed on the Singapore Exchange, with net proceeds of approximately $333 million (51.9 billion JPY). Of these funds, approximately $151 million (23.6 billion JPY) will be used to repay bitcoin-collateralized credit financing, and up to approximately $181 million (28.3 billion JPY) will be allocated for share repurchases; the proceeds will not be used to purchase Bitcoin. As of September 30, the company held 44,000 bitcoins, with an outstanding credit financing balance of approximately $650 million, representing about 17.7% of its bitcoin net asset value—exceeding the company’s targeted upper limit of 10%. The company plans to repurchase up to approximately $162 million (25.3 billion JPY) of shares on October 14 via ToSTNeT-3 and has established a total share repurchase authorization of approximately $385 million (60 billion JPY).