Sega Issues Bonds to Cover Dreamcast Losses

The company will issue more than $400 million dollars worth of zero coupon bonds in order to offset Dreamcast debt and costs related to development for rival consoles. The convertible bonds will be issued in Japan and overseas excluding the United States. Subscription will take place from June 6 to Jun 15 with payment on June 18; the conversion price will be decided at a future board meeting. The conversion period will be from July 2, 2001 until June 11, 2004.