Golden Ocean cuts conversion price on notes due 2012 to $6.55

By Susanna Moon

Chicago, Sept. 4 - Golden Ocean Group Ltd. said it adjusted the conversion price on its convertible notes due 2012 to $6.55 from $7.10 per share, effective Sept. 2, and announced a dividend of $0.40 per share.

The convertibles were issued in 2007.

Golden Ocean is a Hamilton, Bermuda-based dry bulk shipping firm. The company plans to use the proceeds to partly finance its new building program.

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