Lenovo trims conversion price for $675 million convertibles due 2024

By Sarah Lizee

Olympia, Wash., July 17 – Lenovo Group Ltd. adjusted the conversion price of its $675 million convertible bonds due 2024, according to a notice.

The conversion price was lowered to HK$7.71 per share from HK$7.99 per share, effective July 16.

The adjustment is due to the declaration of a cash dividend of HK$21.80 per share by the company, which was approved at an annual general meeting of shareholders on July 9.

Apart from the conversion price adjustment, no other changes have been made to the bonds.

Lenovo is a Beijing-based technology company.

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