Idemitsu Kosan Completes Public Offering Of Shares For US$1.12 Billion

Published: Jul 03 2017
Deal Summary

Idemitsu Kosan Co.,Ltd, a petrochemical and downstream energy company, completed the public offering of 48 million (MM) shares, at a price of JPY2,600 (US$23.2) per share, for gross proceeds of JPY124,800 MM (US$1,115.02 MM). The share issue is part of global offering .

Sullivan & Cromwell LLP acted as legal advisor to the company for the offering. The company intends to use the proceeds from the offering to fund investments and loans for Nghi Son Refinery and Petrochemical LLC, fund investments in plant and equipment, funds for the company’s research and development in advanced technology areas, and for the repayment of short-term loan.

Deal history

Completed: On July 20, 2017, Idemitsu Kosan completed the public offering of 48 MM shares, at a price of JPY2,600 (US$23.22) per share, for gross proceeds of JPY124,800 MM (US$1,115.02 MM).

Announced: On July 3, 2017, Idemitsu Kosan intends to issue 33.6 MM shares, in a public offering.

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