Rakuten Group prices Rakuten Bank shares at 2,470 yen in $412 mln overseas sale (updated)

Rakuten Bank

07/12/2023 24:35

(Adds context, discount and share price data.)
       TOKYO, Dec 7 (Reuters) - Japan's Rakuten Group  4755.T 
said on Thursday it set a price of 2,470 yen per in a planned
offshore sale of 24.5 million shares of Rakuten Bank  5838.T 
worth 60.6 billion yen ($411.94 million).
    The e-commerce and fintech giant announced on Wednesday it
would sell nearly 15% of the online bank unit, its latest effort
to contend with heavy debt and losses at its mobile network
business.
    Rakuten Bank's shares fell 9% in morning trading on
Thursday.
    Rakuten said it would use the proceeds to repay bonds early
as it was committed to reducing interest-bearing debt.
    Hit by spiralling costs to build out its mobile network, it
has almost 800 billion yen in bond redemptions due before the
end of 2025.
    Rakuten Bank was listed in April this year, netting the
parent company 72 billion yen.

($1 = 147.1100 yen)

 (Reporting by Kantaro Komiya; Editing by Jacqueline Wong and
Christopher Cushing)
 ((Kantaro.Komiya@thomsonreuters.com; Twitter: @kantarokomiya;))