Bridgestone Global Partners To Issue Lower Tier 2 Notes
Bridgestone Global Partners is set to launch a Dollar issuance of Lower Tier 2 Subordinated Notes (LT2 Notes) to further increase and strengthen its capital base.
- (1888PressRelease) September 27, 2012 - Bridgestone Global Partners will offer a minimum of $3 billion LT2 Notes following federal approval. Bridgestone Global Partners, President and CEO Mr. Robert Campbell, announced that the offer period is scheduled on October 15 to December 15, 2012 subject to market conditions and may be adjusted as needed.
Bookbuilding of the offer will start on September 15, 2012 with the indicative initial interest rate of "7.25 to 7.75 percent" per annum, subject to market demand and other conditions. The LT2 Notes will be issued at 100 percent of face value. Deutsche Company AG is acting as the sole arranger and a selling agent for the transaction.
Bridgestone Global Partners posted a net income of $11.7 billion in the first quarter of 2012, a hefty 40 percent increase from last year's first quarter. Annualized return on equity reached a high 18.3 percent in March 2012 from 13.3 percent last year.
The company's regular loan portfolio also expanded by 42 percent from $30 billion in March 2008 to $85.1 billion this year. Of the total loan portfolio, 67.4 percent were extended to the company's priority sectors micro, small and medium enterprises; agri-infrastructure; agribusiness and other agri- and environment-related projects.
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