Park24 lowers conversion prices on two series of 0% convertibles

By Toni Weeks

San Luis Obispo, Calif., Jan. 28 – Park24 Co. Ltd. lowered the conversion price on its outstanding ¥20 billion of zero-coupon convertible bonds due 2018 and its ¥15 billion of zero-coupon convertible bonds due 2026, according to separate company announcements.

The conversion price of the bonds due 2018 was lowered to ¥2,636.4 from ¥2,644.0, and the conversion price of the bonds due 2026 was lowered to ¥2,480.1 from ¥2,496.0, effective as of the day after Oct. 31.

The adjustment was due to a dividend of ¥50 per share, part of which amounts to an extraordinary dividend. The payment of the dividend was approved at a general shareholders meeting on Jan. 28.

The provider of parking facilities is based in Tokyo.

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