Idemitsu Kosan Co., Ltd. (Head office: Chiyoda-ku, Tokyo; President: Akihiko Tembo) has issued commercial paper (short-term debt, hereinafter CP) worth ¥10 billion today(10/Aug/2007).
Fund raised from CP issuance will be allotted to the working capital, which has been increasing due to rising crude-oil price. The conditions of issuance are at a cost advantageous than conventional loans from financial institutions.
For the purpose of diversifying its fund raising methods, the Company acquired a J-1 credit rating for CP with ¥200 billion limit from the Japan Credit Rating Agency Ltd. on June 5, 2007. On the same day the Company’s board of directors resolved to issue the commercial paper.
The Company will continue to reduce the financing cost by issuing CP flexibly according to capital needs and financing conditions.
