Toray Industries lowers conversion prices of 0% bonds due 2019, 2021

New York, June 27 – Toray Industries, Inc. reduced the conversion prices of its zero-coupon convertible bonds due 2019 and its zero-coupon convertible bonds due 2021.

The conversion price of the 2019 bonds was reduced to ¥883.7 from ¥887.3 and the conversion price of the 2021 bonds was lowered to ¥820.3 from ¥823.5, in both cases effective April 1, 2017.

Under the terms of the bonds, the company was required to make the adjustments following the payment of a dividend of ¥14 per share for the fiscal year ended March 31, 2017, an action approved by shareholders at a meeting on Tuesday, according to a company notice.

Toray is a Tokyo-based manufacturer of yarns, synthetic fibers and chemical products.

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