Tohoku Electric cuts conversion price on convertibles due 2018, 2020

By Marisa Wong

Morgantown, W.Va., June 28 – Tohoku Electric Power Co., Inc. said it lowered the conversion price for its ¥50 billion zero-coupon convertible bonds due 2018 and ¥70 billion zero-coupon convertible bonds due 2020.

The conversion price for the 2018 bonds was lowered to ¥1,932.7 from ¥1,953.4, and the conversion price for the 2020 bonds was lowered to ¥1,964.2 from ¥1,985.3.

The new conversion prices are effective retroactively from April 1, according to a notice.

The adjustments are due to an extraordinary dividend.

The electric utility is based in Sendai, Miyagi, Japan.

© 2015 Prospect News.
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