Tohoku Electric cuts conversion price on 0% notes due 2018, 2020

By Susanna Moon

Chicago, June 27 – 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 ¥1,904.4 from ¥1,932.7, and the conversion price for the 2020 bonds was lowered to ¥1,935.5 from ¥1,964.2.

The adjustments are due to the payment of an annual dividend of ¥20.00 per share, which was approved at a shareholders meeting on Wednesday, bringing the aggregate amount of the dividend for the fiscal year ended March 31 to ¥40.00 per share, according to a notice.

The new conversion prices were effective April 1.

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

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