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Nippon Steel has completed a major fundraising move, selling 600 billion yen (around $3.9 billion) in zero-coupon convertible bonds to refinance borrowing tied to its U.S. Steel acquisition. The company plans to use the net proceeds by around June 2026 to repay part of the bridge loan arranged for the deal, easing near-term repayment pressure.
The offering is split into two tranches, with maturities set for 2029 and 2031. Because the bonds are convertible, investors can potentially exchange them for shares later—making the structure attractive for lowering immediate cash interest costs, while still raising substantial capital.
Markets reacted cautiously, as convertibles can bring future dilution risk if converted into equity. Still, the bond sale strengthens Nippon Steel’s funding flexibility as it focuses on integration priorities, operational upgrades, and longer-term growth in key steel markets.For steel industry watchers, the move highlights how large M&A-led balance sheets are being reshaped through creative financing—balancing liquidity needs, cost of capital, and shareholder impact.
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