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Square Enix To Drum Up $385 Million In Bond Offering

Square Enix To Drum Up $385 Million In Bond Offering

January 19, 2010 | By Leigh Alexander

January 19, 2010 | By Leigh Alexander
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Square Enix is putting ¥35 billion ($385.11 million) in convertible bonds -- which can be converted into shares before maturity -- up for sale, aiming to raise capital.

According to a report in the Wall Street Journal Online, the Final Fantasy XIII publisher will use the proceeds to redeem another bond that matures later this year.

However, KBC Securities Japan analyst Hiroshi Kamide speculates that Square Enix may also want to extend its borrowing limit for the purpose of acquisitions, according to reports translated by consumer weblog Kotaku.

"The cost of borrowing monies is so low in the world at the moment that Square Enix is being opportunistic in raising funds on the cheap today, just in case it feels like shopping for something," says Kamide.

Square Enix has been more aggressive about acquisitions in recent years, candid about its desire to gain more of a foothold in the Western market.

After losing a bid for Tecmo in favor of Tecmo's merger with Koei, Square Enix acquired Tomb Raider house Eidos earlier this year.


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