Sony trims conversion price of 130% callable bonds

By Rebecca Melvin

New York, May 13 – Sony Corp. adjusted the conversion price of its 130% callable convertible bonds with stock acquisition rights, sixth series.

The conversion price was lowered ¥4,982.50 from ¥4,996.00, effective June 10.

The adjustment was triggered by a dividend payout of ¥25 per share, which was approved at a board meeting held on Wednesday, according to a 6-K filing with the Securities and Exchange Commission.

The payment of the annual dividend for the fiscal year ended March 31, or ¥45 per share, including the interim dividend of ¥20 per share, requires the adjustment of the conversion price under the bond terms, the filing explained.

Tokyo-based Sony is an electronics company.

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