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Case History: USJ Co., Ltd.

The motion picture theme park Universal Studios Japan™, located in Konohana-ku, Osaka, faced the issue of resolving a mismatch between its cash flow and the timing that its loans were due for repayment. To free USJ from the support of its major shareholders at that time, the city of Osaka and Universal Studios of the United States, DBJ and Goldman Sachs helped USJ shore up its financing through the issuance of preferred stock and refinance of its loans. The company successfully listed its shares in March 2007. Using proceeds generated from its listing, USJ invested in additional theme park attractions. Seven years have elapsed since the park opened, and the number of visitors has stabilized at between 8.5 million and 9.0 million per year. In addition to the high praise it has earned as a local community revitalization project, the park has raised recognition of Universal Studios overseas, as well as in Japan.

The DBJ Initiative

In this case, DBJ teamed up with the Goldman Sachs Group, Inc. In addition shoring up the company's finances through a preferred stock issue, we proposed a refinancing solution that was instrumental in enabling USJ to list its shares. The outcome was positive for the company, park visitors and shareholders, as well as the myriad people who are associated with the park's operation.


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