Nagoya Railroad adjusts conversion price on 2023, 2024 convertibles

By Marisa Wong

Morgantown, W.Va., June 28 – Nagoya Railroad Co., Ltd. said it adjusted the conversion price for its ¥25 billion zero-coupon convertible bonds due 2023 and ¥40 billion zero-coupon convertible bonds due 2024.

The new conversion price for the 2023 bonds is ¥1,930, adjusted from ¥386, and the new conversion price for the 2024 bonds is ¥2,915, adjusted from ¥583.

The adjustments resulted from a 1-for-5 reverse share split, according to a notice.

The new conversion prices take effect Oct. 1.

The railroad company is based in Nagoya, Aichi, Japan.

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