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Sony trims conversion price of 130% callable bonds
By Rebecca Melvin
Concord, N.H., May 10 – Sony Corp. adjusted the conversion price of its 130% callable convertible bonds with stock acquisition rights, sixth series.
The conversion price was lowered to ¥4,952.8 from ¥4,969.2, effective June 10.
The adjustment was triggered by a dividend payout of ¥35 per share, which was approved at a board meeting held on Tuesday, according to a 6-K filing with the Securities and Exchange Commission.
The payment of the annual dividend for the fiscal year ended March 31, or ¥65 per share, including the interim dividend of ¥30 per share, requires the adjustment of the conversion price under the bond terms
Tokyo-based Sony is an electronics company.
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