The Norinchukin Bank Completes an Aggregate of $1 Billion Senior Notes Offering
Simpson Thacher recently represented The Norinchukin Bank (the “Bank”) in connection with a Rule 144A/Regulation S offering of US$500 million principal amount of 5.487% Senior Notes due 2031 (the “2031 Notes”) and US$500 million principal amount of 5.950% Senior Notes due 2036 (the “2036 Notes”). The Bank intends to use the net proceeds from the sale of the 2031 Notes primarily to finance existing and future qualifying environmentally-related projects under the Sustainable Bond Framework adopted by the Bank and to use the net proceeds from the sale of the 2036 Notes for general corporate purposes.
First established in 1923, the Bank is a national-level financial institution created to support Japan’s agriculture, fishery and forestry cooperatives. The mission of the Bank is to contribute to the development of the agriculture, fishery and forestry industries and to national economic prosperity by facilitating access to financial resources.
J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Mizuho Securities USA LLC acted as representatives of the initial purchasers.
The Simpson Thacher team for the transaction included David Snowden, Xochitl Romo and Anni Cai (Capital Markets) in Tokyo; Jon Cantor (Tax); and Alexander Kharash (ERISA).