Toray Industries cuts conversion prices on convertibles due 2012, 2014

By Marisa Wong

Milwaukee, June 23 - Toray Industries, Inc. has adjusted the conversion price of its ¥50 billion zero-coupon convertible bonds due 2012 and the conversion price of its ¥50 billion zero-coupon convertible bonds due 2014, according to a notice.

The conversion price of the 2012 convertibles has been reduced to ¥1,105.6 from ¥1,109.3, effective June 24. The conversion price of the 2014 convertibles has been reduced to ¥1,070.4 from ¥1,074, effective June 24.

The price adjustments are due to a per share consideration less than the market price on its issue of 30 million shares through a third-party allotment on June 23.

Based in Tokyo, Toray manufactures yarns, synthetic fibers and chemical products.

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