Lotte Shopping cuts conversion price on 0% convertibles due 2016

By Marisa Wong

Morgantown, W.Va., March 31 – Lotte Shopping Co., Ltd. announced it adjusted the conversion price of its $500 million zero-coupon convertible bonds due 2016 and ¥32.5 billion zero-coupon convertible bonds due 2016.

The company lowered the conversion price to KRW 645,572 from KRW 647,979.

The adjustment is due to distribution of a cash dividend to shareholders of record as of Dec. 31.

The new conversion price is effective retroactively to immediately after the record date.

The department store and discount store company is based in Seoul, South Korea.

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