Kansai Paint (TYO:4613) has adjusted the conversion prices for its 2029 and 2031 zero-coupon convertible bonds downward to 2,676.1 yen from 2,733 yen, effective April 1, according to a Tokyo bourse filing on Friday.
The revision follows a 55 yen-per-share year-end dividend that was approved at the shareholders' meeting on June 26, triggering an adjustment clause in the bond terms.
The new conversion price's 130% threshold stands at 3,478 yen, which determines whether bondholders can exercise conversion rights during the three months before maturity.
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