Sony Hires Banks to Manage 100 Billion Yen Bond Sale

(Bloomberg) -- Sony Corp., the world’s second- largest maker of consumer electronics, hired four banks to manage the sale of 100 billion yen ($1 billion) in bonds, according to a banker involved in the deal.

Sony, which last sold debt in December, will sell the bonds in maturities of three-, five- and 10-years, according to the banker, who asked not to be identified before an official announcement. Nomura Securities Co., Nikko Citigroup Ltd., Mitsubishi UFJ Securities Co. and Mizuho Securities Co. will co- manage the sale, the banker said.

The funds will help Sony repay part of the 144.9 billion yen in bonds coming due in 2010 as the company heads for a second straight annual loss amid falling prices for televisions and cameras. Sony, rated A2 by Moody’s Investors Services, joins Microsoft Corp. among companies with invest-grade ratings announcing bond sales this week as credit markets thaw.

“The funding environment has calmed quite a bit since the last issuance,” said Nobuo Kurahashi, an analyst at Mizuho Investors Securities Co. in Tokyo.

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