Mitsui O.S.K. Lines sweetens conversion price on zero-coupon convertibles due 2011

By Devika Patel

Knoxville, Tenn., June 26 - Mitsui O.S.K. Lines Ltd. said it was lowering the conversion price of its ¥50 billion of zero-coupon convertible bonds due 2011 to ¥1,105.3 from ¥1,108.0, effective retroactively to April 1.

The change is due to an extraordinary dividend payment of ¥31 per share made to shareholders of record on March 31. The payment was approved at a shareholders' general meeting on June 24.

Mitsui is a Tokyo-based shipping line.

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