TOKYO Feb 20 Tokyo Electric Power Co
(Tepco) set out indicative terms for the interest rates on 70
billion yen ($620 million) of three and five-year bonds the
company is planning to sell, its first sale since the 2011
Fukushima nuclear disaster.
Tepco Power Grid Inc, a Tepco unit in charge of power
transmission and distribution, said in a filing on Monday it
will pay 0.32 percent to 0.47 percent on the three year bonds
and 0.48 percent to 0.68 percent on the five-year debt.
The company submitted plans earlier this month to sell 30
billion yen of three-year bonds and 40 billion yen of five-year
bonds, using the proceeds to pay for equipment, pay back debt
and bond payments.
The coupon will be set between March 3 and 17.
The sale will mark Tepco's return to Japan's corporate bond
market, which it dominated before the 2011 earthquake and
tsunami triggered the world's worst nuclear crisis since
Chernobyl in 1986, bringing Tepco to its knees.
The utility, once Asia's largest, was essentially
nationalised after Fukushima. It faces billions of dollars in
costs to dismantle the crippled Fukushima Daiichi nuclear power
plant, decontaminate the area and compensate victims after the
meltdown of three reactors.
Tepco, which has 650 billion yen worth of bonds maturing in
the year ending March 2018, wants to restart regular bond
issuance to ensure stable refinancing.
($1 = 112.8700 yen)
(Reporting by Aaron Sheldrick; Editing by Richard Pullin)