The Mezzanine Finance of Listed Company in Japan

Abstract

In recent years, mezzanine finance deals of the listed company have appeared in Japan. The purpose of this paper is to consider the role of corporate mezzanine finance deals in Japan. This paper is organized as follows. The first section explains the feature of the mezzanine finance. The second section analyzed five examples (Higashi Nihon House Co., Ltd., West Holdings Corporation, eAccess Ltd., Nippon Sheet Glass Co., Ltd. and LAC Co., Ltd.) of listed company in Japan. The third section considers analysis result. Finally, some future view and research are drawn. Five examples represent steady revenue growth and positive EBITDA. Since the redemption of preference shares was in progress smoothly, these example will be positioned success example.