Nichicon Pairs a ¥22bn Zero-Coupon Bond With a Same-Week Buyback to Cap Future Dilution
Nichicon is raising ¥22.165bn through a zero-coupon convertible bond generally designed to convert only if its stock clears a 30% premium for a sustained stretch, and it is spending nearly all of a linked ¥5bn buyback the next day to soften, not erase, the eventual dilution.