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Sainsbury's adjusts conversion price for £250M bonds

J Sainsbury PLC said June 7 that it adjusted the conversion price for its £250,000,000 perpetual subordinated convertible bonds to 307.94 pence per ordinary share from 315.02 pence, effective the same day.

The British supermarket operator said the change was in accordance with the terms and conditions of the bonds, which requires an adjustment to be made to the conversion price if the company announces a dividend to shareholders.

Sainsbury's, which is set to acquire a majority stake in Walmart Inc.'s British unit Asda Stores Ltd., said April 30 that it would pay a final dividend of 7.1 pence per ordinary share to shareholders of record as of June 8.

The retailer said all other conditions of the bonds remain unchanged.

Bank of New York Mellon, London branch, acted as the company's conversion agent.