The offering of shares is concurrent with an offering of convertible bonds

Davis Polk advised the representatives of the several managers in connection with the offering of 55,000,000 shares of common stock of JFE Holdings, Inc., consisting of 25,000,000 newly issued shares and 30,000,000 treasury shares, in reliance on Rule 144A and Regulation S. Concurrently with, and separately from, the offering of shares, JFE Holdings offered ¥90 billion in aggregate principal amount of zero-coupon convertible bonds due 2028 in reliance on Regulation S. The total amount of proceeds of both offerings is approximately ¥209.5 billion (approximately $1.42 billion). 

JFE Holdings engages in businesses worldwide centered around the production of steel. Its subsidiary JFE Steel Corporation is Japan’s second-largest steel manufacturer and one of the largest steel manufacturers in the world, and JFE Holdings also engages through its subsidiaries in engineering and trading businesses. JFE Holdings plans to use the proceeds for various investments as part of its carbon neutrality strategy.

The Davis Polk corporate team included partners Jon Gray and Christopher Kodama and associates Chihiro Sasaki, Haruka Moriya and Maarten van der Plas. Counsel Alon Gurfinkel and associates Kelli A. Rivers and Ya Sheng Lin provided tax advice. Counsel Charles Shi provided ERISA advice. Members of the Davis Polk team are based in the Tokyo, London and New York offices.