Nippon Steel cuts conversion price on convertibles due 2024, 2026

By Mary-Katherine Stinson

Lexington, Ky., Nov. 1 – Nippon Steel Corp. announced it lowered the conversion price of its ¥150 billion zero-coupon convertible bonds due 2024 (ISIN: XS2387597060) and its ¥150 billion zero-coupon convertible bonds due 2026 (ISIN: XS2387597573), according to multiple notices.

In respect to the 2024 bonds, the conversion price was lowered to ¥2,547 from ¥2,660.6.

In respect to the 2026 bonds, the conversion price was lowered to ¥2,668.9 from ¥2,787.9.

In both cases, the price adjustment is retroactively effective from Oct. 1 and due to an interim dividend payment of ¥90 per share of common stock as approved by the board of directors on Nov. 1.

Nippon Steel is a Tokyo-based steel producer.

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