Sony cuts conversion price of 130% callable notes for dividend payout

By Susanna Moon

Chicago, April 27 – Sony Corp. adjusted the conversion price of its 130% callable unsecured convertible bonds with stock acquisition rights, sixth series.

The conversion price was lowered to ¥5,005.60 from ¥5,008, effective May 10.

The adjustment was triggered by a dividend payout of ¥15 per share, which was approved at a board meeting held Friday, 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 ¥27.5 per share, including the interim dividend of ¥12.5 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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