March 7 (Bloomberg) -- Sony Corp., Japan’s biggest exporter of consumer electronics, sold 55 billion yen ($680 million) of bonds, almost double the company’s original plan.
The Tokyo-based manufacturer’s first note sale since 2009 offered 45 billion yen of 0.664 percent five-year notes and 10 billion yen of 1.41 percent 10-year debt, according to an e-mailed statement from Nomura Holdings Inc., which helped to manage the sale. The company originally planned to sell 30 billion yen of bonds, a person with direct knowledge of the matter said Feb. 29.
The Japanese maker of Bravia televisions more than doubled its full-year loss forecast to 220 billion yen last month, citing a stronger currency, production setbacks and the cost of exiting a display venture. Standard & Poor’s, Moody’s Investors Service and Fitch Ratings cut Sony’s credit ratings from December, citing concerns it will face difficulties reviving earnings.
Sony planned to issue bonds by the end of this month to repay 60 billion yen of notes due June, Shinji Obana, a Tokyo-based company spokesman, said earlier this week.
The offering is Sony’s first since June 2009, when the company raised 220 billion yen, data compiled by Bloomberg show.
S&P cut Sony’s long-term ratings last month to BBB+, its third-lowest investment-grade, from A-. Moody’s reduced the rating to Baa1 in January, also its third-lowest investment grade. Fitch lowered its rating on the company to BBB- in December, one level above junk.
Sony is also assigned an ’A+’ grade by Rating and Investment Information Inc., a Tokyo-based rating company.
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