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Nippon Steel Adjusts Conversion Price for Zero-Coupon Bonds Due 2029, 2031

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Nippon Steel (TYO:5401) adjusted the conversion price of its zero-coupon convertible bonds due 2029 and 2031, according to a filing on the Tokyo Stock Exchange.

The Japanese steel producer said Tuesday the conversion price for the 2029 bonds was lowered to 716.9 yen per share from 730.3 yen, while the conversion price for the 2031 bonds was reduced to 723.5 yen from 737 yen, effective April 1.

The adjustment followed shareholder approval of a 12-yen-per-share year-end dividend payment at the company's annual general meeting on Tuesday.

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