NTN Corporation announces second hybrid bond issuance

NTN Corporation announced on November 6, 2025, its decision to issue a second series of subordinated bonds, referred to as 2nd hybrid bonds, through a public offering. The company has submitted an amended shelf registration statement to the Kanto Local Finance Bureau for this issuance, a move that is part of NTN's business structure transformation.

The proceeds from the 2nd hybrid bonds and hybrid loans will be used to replace the 1st hybrid bonds, which were issued on March 18, 2021, for JPY 50 billion and are approaching their first call date of March 18, 2026. These hybrid bonds are recognized as having characteristics between equity and debt, with 50% of the raised funds expected to be recognized as equity by rating agencies.

Mitsubishi UFJ Morgan Stanley Securities Co., Ltd., Nomura Securities Co., Ltd., Mizuho Securities Co., Ltd., SMBC Nikko Securities Inc., and Daiwa Securities Co. Ltd. have been designated as lead managers. The specific terms and conditions, including the issuance amount, will be determined based on market factors and announced once finalized.