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BP Capital pares conversion price of £400 million 1% bonds due 2023
By Susanna Moon
Chicago, Feb. 16 – BP Capital Markets plc said it cut the conversion price of its £400 million 1% guaranteed non-dilutive bonds due 2023.
The conversion price was lowered to £4.2842 from £4.2859, and the conversion ratio was adjusted to 23,341.5807 from 23,332.3223, effective Thursday.
The adjustment was the result of a cash dividend of $0.10 per common share, translated into pounds sterling to £0.071134, with an ex-date of Feb. 15, according to a notice by the issuer.
As announced Nov. 10, the conversion price was previously reduced to £4.2859 from £4.2916, and the conversion ratio adjusted to 23,332.3223 from 23,301.3328.
BP Capital Markets is a financing arm of the London-based oil and gas company.
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