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KDDI Raises New Capital
KDDI raised 80 billion yen ($728 million) in its first bond sale in two years, according to this article on Bloomberg. The company sold 20 billion yen of 1.5 percent seven-year bonds to yield 38 basis points more than Japanese government securities, Daiwa SMBC and Mizuho Securities handled the sale.
KDDI cut its debt to 620 billion yen in the year ended March, from 2.15 trillion yen in the 2000 fiscal year. Standard & Poor’s raised KDDI’s credit rating by one level to A, the sixth-highest investment grade, in May. Fitch has the equivalent rating of A.
KDDI in August 2005 sold 25 billion yen of 1.14 percent bonds due in September 2012 and an identical amount of 0.76 percent securities maturing in September 2010 in its last debt offering, according to data compiled by Bloomberg. The company expects to spend 500 billion yen in capital investments next fiscal year, 14 percent more than this year.
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