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Sony raises $2.23 billion in bond sale

Corporation issues new straight bonds, and will use funds to repay existing debt

Sony Corporation has announced that it has raised JPY 220 billion (USD 2.23 billion) in three issues of straight bonds, set to mature between June 2014 and June 2019.

The cash raised, in what is thought to be the biggest bond sale in the company's history, will be used to redeem existing corporate bonds.

The company, which posted its first annual loss this year as profits from exports plummet on a strengthening yen, is in the process of cutting around 16,000 jobs and a number of manufacturing plants worldwide.

At the close of the Tokyo Stock Exchange earlier today Sony's stock fell by 0.92 per cent to JPY 2685 (USD 27.36), roughly in line with the market overall, although the company has made gains of around 80 per cent since the middle of February.

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