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Issuance of Zero Coupon Convertible Bonds due 2025

Issuance of Zero Coupon Convertible Bonds due 2025


PARK24 Co., Ltd. (the “Company”) hereby notifies the issuance of Zero Coupon Convertible Bonds due 2025 (bonds with stock acquisition rights, tenkanshasaigata shinkabu yoyakuken-tsuki shasai, hereinafter referred to as the “Bonds”) in the maximum issue amount of JPY 35 billion pursuant to a resolution of a meeting of the Board of Directors held on October 11, 2018. Approval in-principle has been received for the listing of the Bonds on the Singapore Exchange Securities Trading Limited.


Background of the Issuance of the Bonds


The Company strives to expand its business fields through the expansion and integration of the networks among parking facilities, cars, people, cities and communities, and it aims to be a leading corporation in the new mobility society in which people enjoy seamless movement and purchase. In order to further pursue the strategy mentioned above and procure funds for growth at low cost to help the expansion of the Group's businesses and therefore realize sustainable enhancement of its corporate value, the Company decided to issue the Bonds.



Use of Proceeds

The net proceeds from the issue of the Bonds are estimated to be approximately JPY35 billion after deducting expenses. The Company intends to apply the net proceeds as follows: (a) approximately JPY25 billion towards the repayment of indebtedness incurred in connection with the acquisition of National Car Parks Limited and (b) the remainder towards capital investments in accordance with the Group’s business growth strategy of amalgamating people, cars, cities and communities and the Group’s parking facilities.




Note: This announcement is intended as general information regarding the issuance of convertible bonds by PARK24 Co., Ltd.. This announcement does not constitute an offer of, or the solicitation of an offer to buy or subscribe for the Bonds or the Shares in any jurisdiction in which such offer or solicitation is unlawful. In particular, the Bonds and the Shares issuable upon exercise of, or upon acquisition by the Company of, the Stock Acquisition Rights (together, the "Securities") have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") and, subject to certain exceptions, may not be offered or sold within the United States. The Securities may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.