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    6762   JP3538800008

TDK CORPORATION

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TDK : announces Issuance of Unsecured Straight Bonds

11/25/2021 | 09:10pm EST
News Center | Press Release
TDK announces Issuance of Unsecured Straight Bonds

November 26, 2021

TDK Corporation (TSE:6762) is pleased to announce that TDK has determined the terms and conditions for the issuance of its 8th, 9th (Sustainability-Linked Bonds) and 10th series of unsecured straight bonds (with special inter-bond pari passu clause), which will be offered and issued in Japan.

This bond issuance amounted to 100 billion yen is as large as our previous issuance of the straight bonds in July 2020, which was the first time in 11 years. In addition, the 9th series of unsecured straight bonds is our first Sustainability-Linked Bonds.

The TDK group, positioning "Develop and Prosper in Harmony with the Global Environment" as one of the important management challenges for achieving the sustainable growth of society, established the TDK Environmental Vision 2035, and are pursuing a goal of "halving CO2 emissions intensity by fiscal 2035 in comparison with fiscal 2014 under the theme of reducing environmental footprints from a life-cycle perspective. As we announced on October 20, 2021, we have selected three Key Performance Indicators (KPIs) as the means for achieving the goal.

The terms and conditions are as follows;
TDK Corporation
8th Series Unsecured Straight Bonds
(With Special Inter-Bond Pari Passu Clause)
TDK Corporation
9th Series Unsecured Straight Bonds
(With Special Inter-Bond Pari Passu Clause)
(TDK Sustainability-Linked Bonds)
TDK Corporation
10th Series Unsecured Straight Bonds
(With Special Inter-Bond Pari Passu Clause)
1 Total amount of bond issuance 30 billion yen 40 billion yen 30 billion yen
2 Denomination per bond 100 million yen
3 Coupon rate (per annum) 0.15% 0.26% 0.38%
4 Issue price 100% of the principal amount
5 Redemption price 100% of the principal amount
6 Term and redemption method 5 years
1)Redemption on maturity: December 2, 2026
2)Retirement by purchase retirement:The bonds can be repurchased and retired at any time from the day following the payment date
7years
1)Redemption on maturity: December 1, 2028
2)Retirement by purchase retirement:The bonds can be repurchased and retired at any time from the day following the payment date
10 years
1)Redemption on maturity: December 2, 2031
2)Retirement by purchase retirement:The bonds can be repurchased and retired at any time from the day following the payment date
7 Interest payment date On June 2 and December 2 every year
(First interest payment: June 2 2022)
8 Type of offering Public offering
9 Offering period November 26 2021
10 Payment date December 2 2021
11 Collateral and guarantee The bonds are not secured by any property or guarantee, nor have assets been specially pledged as collateral for the bonds.
12 Financial covenants Negative pledge clause (with special inter-bond pari passu clause) attached
13 Joint lead managers Nomura Securities Co., Ltd.
Daiwa Securities Co. Ltd.
Mizuho Securities Co., Ltd.
14 SPTs 1) Reduce CO2 emissions intensity per sales by 30% in fiscal 2025 compared to fiscal 2014.
2) Maintain "A" or "A-" for the CDP Climate Change score in the calendar year 2025.
3) Achieve to raise the ratio of renewal energy sources to 50% of electricity consumption in fiscal 2025.
15 Attributes of bonds after evaluation If we fail to achieve two or more of the above three SPTs, we will give donations to organizations whose purpose is environmental conservation activities, in the total cumulative amount equivalent to 0.3% of the bond issue amount before the redemption of the bonds.
16 Book-entry transfer system application The bonds are subject to regulations concerning the transfer of securities, bonds, etc
17 Fiscal, issue and payment agent Resona Bank, Limited.
18 Book-entry transfer institution Japan Securities Depository Center, Inc.
19 Rating Rating & Investment Information, Inc.,(R&I): A+

As a third-party evaluation, Rating and Investment Information, Inc. (R&I) has provided a second opinion stating that the sustainability-linked bond framework created for the Issuance conforms to the Sustainability-Linked Bond Principles 2020 established by the International Capital Market Association (ICMA).

List of TDK Sustainability-Linked Bonds Investors

Investors who have emphasized the significance of TDK Sustainability-Linked Bonds issuance and have committed to investing (As of November 26, 2021)

About TDK Corporation

TDK Corporation is a world leader in electronic solutions for the smart society based in Tokyo, Japan. Built on a foundation of material sciences mastery, TDK welcomes societal transformation by resolutely remaining at the forefront of technological evolution and deliberately "Attracting Tomorrow." It was established in 1935 to commercialize ferrite, a key material in electronic and magnetic products. TDK's comprehensive, innovation-driven portfolio features passive components such as ceramic, aluminum electrolytic and film capacitors, as well as magnetics, high-frequency, and piezo and protection devices. The product spectrum also includes sensors and sensor systems such as temperature and pressure, magnetic, and MEMS sensors. In addition, TDK provides power supplies and energy devices, magnetic heads and more. These products are marketed under the product brands TDK, EPCOS, InvenSense, Micronas, Tronics and TDK-Lambda. TDK focuses on demanding markets in automotive, industrial and consumer electronics, and information and communication technology. The company has a network of design and manufacturing locations and sales offices in Asia, Europe, and in North and South America. In fiscal 2020, TDK posted total sales of USD 13.3 billion and employed about 129,000 people worldwide.

Contacts for media
Contact Phone Mail
Mr. Yoichi OSUGA TDK Corporation
Tokyo, Japan
+81 3 6778-1055 pr@jp.tdk.com

Disclaimer

TDK Corporation published this content on 26 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 November 2021 02:09:03 UTC.


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Sales 2022 1 786 B 15 638 M 15 638 M
Net income 2022 113 B 989 M 989 M
Net Debt 2022 215 B 1 880 M 1 880 M
P/E ratio 2022 14,1x
Yield 2022 1,63%
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EV / Sales 2022 1,02x
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Nbr of Employees 129 284
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Mean consensus BUY
Number of Analysts 19
Last Close Price 4 235,00 JPY
Average target price 5 379,67 JPY
Spread / Average Target 27,0%
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Shigenao Ishiguro Manager-Business Planning
Tetsuji Yamanishi Manager-Managerial Accounting
Makoto Sumita Chairman
Dai Matsuoka Executive Officer & General Manager-Technology
Kazuhiko Ishimura Independent Outside Director
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