Teijin trims conversion price of zero-coupon notes due 2021

By Marisa Wong

Morgantown, W.Va., May 9 – Teijin Ltd. lowered the conversion price for zero-coupon convertible bonds due 2021, according to a notice.

The conversion price was cut to ¥1,912.8 from ¥1,954.9.

The new conversion price is effective retroactively from April 1.

The adjustment was due to an extraordinary dividend of ¥40 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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