Johnson Electric trims conversion price on 1% bonds due 2021

By Marisa Wong

Morgantown, W.Va., July 27 – Johnson Electric Holdings Ltd. said it lowered the conversion price for its 1% convertible bonds due 2021 to HK$37.34 per share from HK$38.12 per share, effective July 27.

The adjustment is due to a final dividend for the year ended March 31. On July 12 the company’s board of directors declared a final dividend of HK$0.34 per share, payable on Aug. 13 to shareholders of record on Aug. 2.

Johnson Electric is a Hong Kong-based provider of motion subsystems and motion components for automotive and industrial applications. The company issued $200 million of the 1% convertible bonds in March 2014.

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