Rakuten's Costly Junk Bonds Signal Challenge for Japanese Billionaire Mikitani [BNN Bloomberg (Canada)]
RAKUTEN GROUP INC S/ADR (RKUNY)
NASDAQ:AMEX Investor Relations:
global.rakuten.com/corp/investors
Company Research
Source: BNN Bloomberg
Doing so is proving expensive. The Japanese conglomerate, which boosted its overseas profile in recent years with sponsorship deals that have included Stephen Curry's Golden State Warriors and FC Barcelona, raised $3.8 billion in two separate issuances so far this year as it wrestles with a mountain of debt coming due. To get the deals away, Rakuten had to offer some of the highest coupons of any borrower in the dollar corporate bond market this year, according to data compiled by Bloomberg. Its two junk bond deals have coupons of 11.25% and 9.75%. This indicates that the group is paying the price for years of relentless expansion fueled by low-cost borrowings, part of a wider trend of telecommunications firms including Patrick Drahi's Altice group that are struggling after interest rates rose sharply. In particular, the huge investment required to roll out Rakuten's mobile network dragged gauges of its creditworthiness down to junk. Rakuten is unlikely to be able to sell new
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