Tokyo Electric Power Company

Effective April 1, 2016 Tokyo Electric Power Company adopted a holding company structure and changed its name, which is now rendered in English as Tokyo Electric Power Holdings, Incorporated (“TEPCO”).  TEPCO spun off its business via a company split to 3 new subsidiaries: TEPCO Fuel & Power, Incorporated, TEPCO Power Grid, Incorporated and Tokyo Energy Partner, Incorporated.  TEPCO did not announce that its bond or loan obligations would be transferred.  TEPCO’s FY 2015 year end results are scheduled to be announced on April 28, 2016.

TEPCO’s audited financial statements as of March 31, 2015 indicated total consolidated long term debt, current portion of long-term debt and short term loans of approximately JPY 7.01T, and p. 18 of TEPCO’s announcement of FY 2015 3rd Quarter results indicates it had approximately JPY6.729T of consolidated interest-bearing debt outstanding as of 12/31/2015. 

In its March 31, 2016 notice of its transition to holding company TEPCO indicated that it had adopted measures to support its performance of its bonds with statutory preferential rights and also, on page 4, that it will adopt measures to ensure its performance of its private placement straight bonds with financial institutions, its loans with a statutory preferential right from the Development Bank of Japan and its unsecured loans from financial institutions. Page 6 of TEPCO’s May 1, 2015 (updated July 13, 2015) presentation explaining the transition to holding company structure indicates that TEPCO’s projected approximately JPY6.6T in debts was to be retained by TEPCO.  Page 7 of TEPCO’s May 1, 2015 notice of its transition to holding company indicated that the new subsidiaries were expected to have an aggregate of approximately JPY986B in liabilities.

 
March 31, 2016 Notice re Transition
FY2015 3rd Q results
May 1, 2015 Presentation re Transition
May 1, 2015 Notice re Transition
Mar 2015 Annual Report