Lixil Group cuts conversion price on two convertibles after dividend

New York, May 21 – Lixil Group Corp. reduced the conversion price on its zero-coupon convertible bonds due 2020 and its zero-coupon convertible bonds due 2022, according to an announcement.

The new conversion price for the 2020 bonds is ¥3,872.90, down from ¥3,880.00, while the conversion price for the 2022 bonds drops to ¥3,793.00 from ¥3,880.00.

Lixil was required to make the change under the terms of the bonds following payment of the year-end dividend of ¥65 per share, as approved by the board of directors on Monday.

The dividend is considered as an extraordinary dividend under the bonds’ terms.

Lixil is a Tokyo-based manufacturer of building materials and products for the housing equipment industry.

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