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BTS Group to adjust conversion price on five-year convertible bonds
By Marisa Wong
Madison, Wis., Aug. 22 - BTS Group Holdings PCL said it will adjust the conversion price of its 1% convertible bonds due 2016.
A proposed offering of stock by subsidiary VGI Global Media PCL triggered the anticipated adjustment.
The new conversion price will take effect once VGI issues the new shares.
BTS previously increased the conversion price of the bonds to 5.12 baht per share from 0.82 baht per share, effective Aug. 7.
The company issued 10 billion baht of the dollar-settled bonds on Jan. 25, 2011. The conversion price has since been lowered from 0.9266 baht per share to 0.91 baht per share on March 15, 2011, to 0.88 baht per share on July 5, 2011 and to 0.85 baht per share on Jan. 31.
BTS is a Bangkok-based mass transit services provider and property development company.
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