Line Corp says to raise $1.33 billion through convertible bonds

TOKYO (Reuters) – Japan’s Line Corp said on Tuesday it would raise about 148.1 billion yen ($1.33 billion) by issuing convertible bonds maturing in 2023 and 2025 to invest in future technologies.

Line said it would allocate about 100 billion yen for fintech and 48 billion yen for artificial intelligence-related investments.

A portion of the bonds will be issued to South Korea-based parent Naver Corp to maintain its ownership above a certain level, Line said in a statement.

Naver’s stake would fall to 70.42 percent from the current 72.86 percent when all the bonds are converted into stock.

(This version of the story was corrected to remove incorrect references in lead paragraph and headline to bonds being denominated in euros)

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