Nippon Steel Shares Plunge After Record Bond Issue to Fund U.S. Steel Deal
Nippon Steel Corp (TYO:5401) saw its shares drop sharply after announcing plans to raise roughly 600 billion yen ($3.9 billion) through a zero coupon convertible bond sale to help refinance the $15 billion acquisition of United States Steel Corp. The upsized issuance - the largest ever by a Japanese company - heightened worries about potential shar…