Repayment of Public Funds
2004年1月8日 - 4:00PM
RNSを含む英国規制内ニュース (英語)
Sumitomo Trust & Banking
The Sumitomo Trust & Banking Co., Ltd.
Agreement with Related Authorities on Repayment of Public Funds
The Sumitomo Trust and Banking Co., Ltd. ("Sumitomo Trust") announced
today that the public funds are to be fully repaid in accordance with
the transfer agreement of the preferred stocks between the Resolution
and Collection Corporation ("RCC") and the third parties as well as in
accordance with the transfer agreement of the subordinated bonds
between RCC and Sumitomo Trust. The subordinated bonds are to be
redeemed after the transfer to Sumitomo Trust. Sumitomo Trust formerly
announced on October 15, 2003 that it requested the related
authorities to approve its repayment of public funds held by RCC in
line with the "Law of the Emergency Measures for Early Strengthening
of Financial Functions", by the transfer of 100 billion yen of
preferred stocks to third parties and by the redemption of 100 billion
yen of subordinated bonds.
Transfer agreements
The summary of the terms of the agreements is as follows. For further
details of the preferred stocks and the subordinated bonds, please see
the appendix.
a. Transfer agreement of the preferred stocks
Preferred stocks are transferred from RCC to the transferees arranged by Sumitomo Trust.
1) Transfer price 1,104.64 yen for each issue price of 800 yen
(138.08% against issue price)
2) Amount to be transferred 138,080 million yen
3) Number of the transferees 29 companies
4) Transfer date January 13, 2004
b. Transfer agreement of the subordinated bonds
The subordinated bonds are transferred from RCC to Sumitomo Trust.
1) Transfer price 102.366 yen for each issue price of 100 yen
2) Amount to be transferred 102,366 million yen
3) Transfer date January 14, 2004
For further information, please contact
Koichi Onaka, Head of IR Office, Financial Management Dept.
Telephone: +81-3-3286-8354 Facsimile: +81-3-3286-4654
(Appendix)
1. Preferred Stocks
Total amount of issue: 100 billion yen
Issue price: 800 yen per share
Annual dividend: 6.08 yen per share
Dividend yield: 0.76%
Residual property per share: 800 yen
Current conversion price: 481 yen (Adjustment is available with floor conversion price 245 yen)
Effective date for conversion price adjustment: October 1 of every year ending October 1, 2008
Mandatory conversion date: March 31, 2009
2. Subordinated Bonds
Total amount of issue: 100 billion yen
Maturity date: March 31, 2011 (First call date: March 31, 2006)
Issue price: 100 percent
Interest rate: 6 month yen LIBOR + 1.53% (April 1, 1999 - March 31, 2006)
6 month yen LIBOR + 2.03% (April 1, 2006 - March 31, 2011)