What were the final pricing terms and maturity dates for JX Metals' two tranches of convertible bonds?

JX Advanced Metals Corp. priced two equal-sized zero-coupon convertible bond tranches totaling ¥250 billion ($1.6 billion): one maturing in 2029 at a price of 113.25%, and the other maturing in 2031 at a price of 114%. These prices were set at the top of their respective marketed ranges—111.5% to 113.25% for the 2029 tranche and 112% to 114% for the 2031 tranche—with the ranges having been raised after the deal launch.

At what conversion price and premium are the bonds exchangeable into JX Metals stock, and what call provisions apply?

Bondholders may convert the securities into JX Metals stock at a conversion price of ¥4,860, representing a 20% premium to the company’s closing share price on the preceding Monday. The bonds include call options allowing JX Metals to redeem them early if its share price exceeds 130% of the conversion price; the first tranche becomes callable after June 3, 2028, and the second after June 3, 2029.

JX Metals Prices $1.6 Billion of Convertibles at Top of Range

May 18, 2026

JX Advanced Metals priced $1.6 billion in zero-coupon convertible bonds at the top of the range, raising ¥250 billion from two tranches maturing in 2029 and 2031. Strong investor demand drove the deal among Japanese firms amid rising borrowing costs.

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