Japan Tobacco completes Torii Pharma sale, refinances with new bonds

Japan Tobacco Inc. (JT) announced on September 1, 2025, the completion of the transfer of all common shares of its consolidated subsidiary, TORII PHARMACEUTICAL CO., LTD. ("Torii"). This transaction, previously disclosed on May 7, 2025, was executed through a share buyback by Torii.

Concurrently, on September 5, 2025, JT's foreign subsidiary, JT International Financial Services B.V. (JTIFS), completed the issuance of €500,000,000 in new subordinated bonds due 2055 with an initial interest rate of 3.870% per annum. This issuance refinanced existing euro-denominated deeply subordinated guaranteed fixed rate resettable capital securities due 2081, with JTIFS completing a tender offer for €132,443,000 of these existing bonds at a purchase price of 99.875%.

The new subordinated bonds, guaranteed by JT, contribute to strengthening the group's financial foundation by being recognized with equity-like attributes by credit rating agencies. The remaining outstanding amount of the existing 2081 bonds is €367,557,000.