Shizuoka Bank shaves conversion price for 0% notes for dividend plans

By Susanna Moon

Chicago, June 16 – Shizuoka Bank Ltd. lowered the conversion price for its $500 million of zero-coupon convertible bonds due 2018 for a planned dividend payout.

The conversion price will be trimmed to $13.29 from $13.36, effective retroactively to April 1.

The adjustment was made because shareholders approved a dividend of ¥20 per share, according to a notice from the company.

The payout amounts an extraordinary dividend under the terms of the convertibles, the company noted.

Shizuoka Bank is a regional bank based in Shizuoka, Japan, and with operations in Shizuoka prefecture, Tokyo, Osaka, Nagoya and overseas.

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