Teijin trims conversion price of zero-coupon notes due 2018, 2021

By Marisa Wong

Morgantown, W.Va., Nov. 1 – Teijin Ltd. lowered the conversion price for its zero-coupon convertible bonds due 2018 and zero-coupon convertible bonds due 2021, according to a notice.

The conversion price was cut to ¥1,988.6 from ¥1,998.6 for the 2018 convertibles.

For the 2021 bonds, the conversion price was trimmed to ¥1,954.9 from ¥1,964.7.

The new conversion prices are effective retroactively from the day after the Sept. 30 record date.

The adjustments were due to an extraordinary dividend of ¥30 per share approved at the company’s board meeting on Thursday.

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

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