TOKYO -- Japanese leasing giant Orix will raise 94 billion yen ($855 million) at the end of May through 60-year hybrid loans in order to strengthen its financial base and invest in growth fields.
Orix will ink deals with 28 financial companies, including life insurers and regional banks, as early as Wednesday. Bank of Tokyo-Mitsubishi UFJ will serve as underwriter. The debt will likely carry an interest rate about 1 percentage point higher than the London Interbank Offered Rate and be given a BBB rating by Standard & Poor's. This is the first time Orix is using hybrids.
