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TOKYO (Reuters) – Japan’s Nissan Motor Co will factor $8 billion in dollar-denominated debt and are euro-denominated bonds, he said Friday, as the struggling automaker seeks to diversify its financing.
The sale of bonds is his first dollar-denominated factor since his merger with Renault SA in 1999, a Nissan representative said.
The move comes when investors have expressed growing fear about Nissan, which warned of a record $4. 5 billion loss this year, as the pandemic hampers its recovery efforts.
In addition, IFR announced that Nissan would sell about 2 billion euros ($2. 37 billion) of euro-denominated debt. A Nissan spokeswoman said a broadcast under discussion, without confirming the figure.
The company will sell a 3-year $1. 5 billion bond with a coupon of 3,043% and a 5-year bond of $1. 5 billion with a coupon of 3. 522%, according to the IFR.
His 7-year $2. 5 billion bond has a coupon of 4. 345% and a 10-year bond of $2. 5 billion on a 4. 81% coupon, the IFR said.
Nissan had pledged to reduce annual constant prices by three hundred billion yen ($2. 83 billion) and become a smaller and more efficient company. Japan’s second-largest automaker is looking for immediate expansion that has left it with depressing margins and an aging portfolio.
His business also shook with the arrest of Chief Carlos Ghosn.
(Reporting through Noriyuki Hirata; written through David Dolan; edited through Alex Richardson, Jason Neely and Emelia Sithole-Matarise)