Kawasaki Kisen Kaisha cuts conversion price on 0% convertibles

By Marisa Wong

Madison, Wis., June 24 – Kawasaki Kisen Kaisha, Ltd. gave notice that it lowered the conversion price for its ¥50 billion zero-coupon convertible bonds due 2018 to ¥308.1 from ¥312.7.

The new conversion price is effective retroactively to April 1.

The adjustment was triggered by an extraordinary dividend resulting from payment of an annual dividend of ¥6.00 per share. The dividend payment was approved by shareholders on Wednesday.

Kawasaki Kisen Kaisha is a marine shipping company based in Tokyo.

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