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IHI calls all ¥19.04 billion outstanding 0% convertibles due 2016
By Marisa Wong
Madison, Wis., Feb. 4 - IHI Corp. gave notice that it will redeem all of its outstanding zero-coupon convertible bonds due 2016 on March 28 at par.
The notes are callable because the closing share price of the company's stock for each of the 30 consecutive trading days from and including Nov. 19 to and including Jan. 6 was more than 130% of the conversion price.
The current conversion price is ¥285.8 per share. The closing share price for Tuesday was ¥433.
As of Feb. 3, ¥19.04 billion of the original ¥23 billion principal amount of bonds remains outstanding.
IHI is a heavy equipment company based in Tokyo.
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