Nippon Steel cuts conversion price on convertibles due 2024, 2026

By Mary-Katherine Stinson

Lexington, Ky., June 23 – Nippon Steel Corp. announced it lowered the conversion price of its zero-coupon convertible bonds due 2024 and its zero-coupon convertible bonds due 2026, according to notice filed Thursday.

In respect to the 2024 bonds, the conversion price was lowered to ¥2,660.6 from ¥2,786.3.

In respect to the 2026 bonds, the conversion price was lowered to ¥2,787.9 from ¥2,919.6

In both cases, the price adjustment is retroactively effective from April 1 and due to an interim dividend payment of ¥90 per share of common stock as approved at the shareholders’ meeting on June 23.

Nippon Steel is a Tokyo-based steel producer.

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