ChainThink reports that on October 13, according to a Metaplanet announcement, the company plans to issue zero-coupon Euroyen convertible bonds maturing in 2031, with a total value of approximately $333 million (52 billion JPY).
This is the company’s first issuance of this type of bond, priced at 102.5% of par value. The bonds will be listed on the Singapore Exchange, with Merrill Lynch International serving as the sole bookrunner.
The net proceeds of approximately $333 million (51.9 billion yen) will be used to repay approximately $151 million in bitcoin-collateralized credit financing and up to approximately $181 million for share repurchases; the funds will not be used to purchase bitcoin.
As of September 30, Metaplanet held 44,000 bitcoins, with a credit financing loan balance of approximately $650 million, representing about 17.7% of its Bitcoin Net Asset Value (BTCNAV), exceeding the company’s targeted upper limit of 10%.
The company plans to repurchase up to approximately $162 million in shares on October 14 through ToSTNeT-3 and has established a total repurchase authorization limit of approximately $385 million.