Latest Tokyo Brief coverage on Tokyo Century Corporation, tracking filings, financial news, and market signals from Japan.
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Itochu Corporation and Norinchukin Bank funded ¥12bn of new non-voting Tokyo Century class shares on September 18, but a same-day cut to capital and capital reserves swept the whole amount into other capital surplus, leaving the company's formal capital figures unchanged from before the deal.
Tokyo Century has signed a final deal to sell 50% of Aviation Capital Group, its wholly owned US aircraft lessor, to related-party shareholder Itochu, and the resulting one-off gain, guided at roughly ¥50bn consolidated, stays unconfirmed until competition regulators clear the November closing.
The number: Aviation Capital Group's Irish funding arm signed a five-year, unsecured loan worth $1,476.5mn with a 33-bank syndicate led by DBS Bank. The catch: the covenants, an interest coverage floor of 1.5x, minimum net assets of $1.5bn, and an unsecured-asset cushion of 125% of unsecured liabilities, are tested against ACG's own consolidated balance sheet, not the borrowing entity's.