Teijin cuts conversion price of zero-coupon notes for dividend payout

By Susanna Moon

Chicago, Nov. 2 – Teijin Ltd. said it adjusted the conversion price for its zero-coupon convertible bonds due 2018 and its zero-coupon convertible bonds due 2021.

The conversion price was adjusted to ¥2,063.5 from ¥2,069 for the convertibles due 2018 and to ¥2,028.6 from ¥2,034 for the convertibles due 2021.

The adjustment was due to the dividend payment of ¥5 per share approved at the board of directors meeting on Wednesday, according to a company notice.

The new conversion price was effective as of Oct. 1.

Teijin is a chemical and pharmaceutical company based in Osaka, Japan.

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