Glencore adjusts conversion ratio of $625 million of convertibles

By Cady Vishniac

Detroit, Jan. 4 – Glencore Funding LLC announced the adjustment of the conversion ratio for $625 million of non-dilutive cash-settled guaranteed convertible bonds due 2025 to 29,660.65193 shares per bond from 30,625.64767 shares per bond, according to a news release.

The conversion price is adjusted to £4.7827 from £4.6320 as a result of a cash dividend in the period ending on Dec. 31

The convertibles are guaranteed by Glencore plc.

Based in Baar, Switzerland, Glencore is a supplier of commodities and raw materials to industrial consumers.

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