The Tokyo office of the Firm recently represented Dai-ichi Life Insurance Company in its offering of 7.25% Step-up Callable Perpetual Subordinated Notes. It was the first international issuance of bonds designed to qualify as “specified subordinated bonds” under revised solvency margin rules in Japan. The bonds were sold to international investors outside of Japan in reliance on Rule 144A and Regulation S.
The Simpson Thacher team that worked on the transaction included Alan Cannon, Ikuko Horikawa and Kate Renaud in Tokyo and Jeanne Annarumma (Executive Compensation and Employee Benefits), Rob Holo (Tax) and Amie Broder (Tax) in New York.
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