Event Publicly Available Information:
The Eligible Market Participant that submitted the DC Question noted that as of April 1st 2021, Hitachi Capital Corporation merged with Mitsubishi UFJ Lease & Finance Co., Ltd in the form of amalgamation. Mitsubishi UFJ Lease & Finance Co., Ltd was the surviving company whereas Hitachi Capital Corporation was the merged company. The resulting entity was renamed Mitsubishi HC Capital Inc/ Due to this merger, the Eligible Market Participant that submitted the Potential DC Question believes that Mitsubishi HC Capital Inc. is the Successor to Hitachi Capital Corporation due to the merger of Hitachi Capital Corporation into Mitsubishi UFJ Lease & Finance Co., Ltd.
In addition we would like to submit additional information on issued bonds by former Hitachi Capital Corporation. R&I and JCR, Japan’s biggest two credit rating companies, released report on Mitsubishi HC Capital. Both rating agency have listed bonds issued by both former “MUFJ Lease & Finance” and “Hitachi Capital” under Mitsubishi HC Capital. Both agency have also upgraded credit rating of former Hitachi Capital bonds to match that of MUFJ Lease & Finance soon after.
Hitachi Capital Merger Announcement 24 September 2020
Joint Announcement - 24 September 2020
Mitsubishi HC Capital Announcement dated 1 April 2021
Transfer of Issued Bonds by Rating Agency - 1 April 2021 (R&I))
Transfer of Issued Bonds by Rating Agency - 1 April 2021 (JCR)
Credit Update on Issued Bonds by Rating Agency (R&I) - 18 March 2021
Credit Update on Issued Bonds by Rating Agency (JCR) - 18 March 2021
| Date | Description | Document |
|---|---|---|
| Closed | The Japan DC considered the DC Question in respect of Hitachi Capital Corporation (Hitachi) in respect of 2014 Transactions. The Japan DC noted that on 1 April 2021, Hitachi merged with and into Mitsubishi UFJ Lease & Finance Company Limited and ceased to exist as a stand-alone entity. Mitsubishi UFJ Lease & Finance Company Limited then changed its name to Mitsubishi HC Capital Inc/ The merger took the form of an "absorption-type merger" under the Japanese Companies Act. This involved Mitsubishi HC Capital Inc. assuming all of the liabilities of Hitachi (including the Relevant Obligations of Hitachi). Accordingly, the Japan DC concluded that in respect of Standard Japan Corporate Transactions in respect of Hitachi (i) Mitsubishi HC Capital Inc. was the Universal Successor and the sole Successor to Hitachi, and (ii) the Succession Date was 1 April 2021 (being the effective date of the merger) | |
| Ongoing | The Legal Subcommittee of the Japan DC met today to discuss the DC Question relating to Hitachi Capital Corporation and adjourned to consider further. | |
| Request Accepted by DC | Pursuant to the standing resolution passed by the Japan Determinations Committee on July 7, 2010, the first meeting of the Japan DC to deliberate the DC Questions relating to this DC Issue has been deferred pending deliberation of such DC Questions by the Japan DC legal subcommittee. Please refer to Japan DC Standing Resolution. |