Nissan Issues Warrants Bonds
Tokyo -- Nissan Motor Co., Ltd. today announced a 45 billion yen bond with warrants offering correspond to approximately 63 million shares. The six-year bonds will be used in implementation of the company's performance based employee warrant bond system. Eligible employees will be able to vest two years after date of issue and only if the company and employee performance conditions are met during fiscal year 2001.
According to the specific articles to prevent dilution of Renault's stake of the Alliance agreement signed on March 27, 1999, Nissan will sell a percentage of the warrants to Renault to ensure its current share holding remains constant. The actual number of warrants exercised by Renault will be proportional to those exercised by Nissan's eligible employees during the exercise period following the second anniversary of the issue.
Terms and conditions of the issuance of the bonds with warrants is filed at the Tokyo Stock Exchange.
# # #
