LINE’s ¥146 Billion Convertible Bond Offering

Cleary Gottlieb represented LINE Corp. (LINE) in a ¥146.3 billion convertible bond offering.

The offering priced on September 4, 2018, and closed on September 20, 2018.

The offering consisted of a Regulation S offering of (i) ¥36.58 billion zero coupon convertible bonds due 2023 and (ii) ¥36.58 billion zero coupon convertible bonds due 2025, and a third-party allotment to NAVER Corp., LINE’s parent company, of (1) ¥36.58 billion zero coupon convertible bonds due 2023 and (2) ¥36.58 billion zero coupon convertible bonds due 2025. The bonds are convertible into shares of LINE’s common stock.

The Regulation S bonds are listed on the Singapore Exchange. Morgan Stanley & Co. International plc, Nomura International plc, J.P. Morgan Securities plc, Goldman Sachs International, and Mizuho International plc acted as joint lead managers for the Regulation S offering.

LINE, based in Japan, is the provider of a global platform for mobile messaging and communication services, content distribution, and life and financial services. Cleary previously represented LINE in its dual-listed, SEC-registered initial public offering in July 2016.