Global law firm Clifford Chance has advised the bookrunners on the issuance by JX Advanced Metals Corporation of JPY250 billion in aggregate principal amount of zero-coupon convertible bonds in two tranches, due 2029 and 2031. The offering was conducted alongside a tender offer by JX Advanced Metals to repurchase its own shares. The active bookrunners comprised Daiwa, Nomura, Morgan Stanley and Bank of America.
JX Advanced Metals is a Tokyo-listed advanced materials company focused on semiconductor and ICT industries. The transaction represents a highly strategic and complex financing, combining a large-scale convertible bond issuance with a concurrent tender offer for up to approximately 6% of its issued shares. Proceeds from the bonds are intended to fund the share repurchase and support the expansion of its major manufacturing capabilities.
Lead partner, Reiko Sakimura, said: “This transaction demonstrates the continued strength and sophistication of the Japanese equity-linked market, particularly for issuers pursuing strategic capital restructuring alongside growth investment. We are seeing sustained investor appetite for well-structured convertible offerings, especially those linked to clear capital management objectives and long-term growth strategies. We are delighted to have supported the bookrunners on this landmark and innovative transaction.”
Reiko Sakimura was supported by partner Matthew Ball, as well as Arisa Stanley-Owusu and Rei Kamachi. Partner Alan Yeung assisted on US law aspects.
Clifford Chance has extensive experience advising on complex and cross-border equity-linked and debt and equity capital markets transactions across Asia Pacific, including innovative structures combining financing and capital restructuring elements.
