TOKYO -- A large amount of bond redemption is awaiting Rakuten Group. The Japanese technology conglomerate fell into the fourth straight net loss in the year ended December 2022 due to a slumping mobile business. It issued bonds for large spending on equipment, including for installing additional base stations. Redemption will total 1.2 trillion yen ($8.78 billion) just for the bonds that will reach maturity in the next five years.
Redemption exceeding 300 billion yen will begin in 2024 even as refinancing costs are rising due to a drop in the company's credit rating. To quickly improve the group's financial position, it raised over 70 billion yen by listing Rakuten Bank, its banking arm, in April.