Mercator Lines (Singapore) sets conversion price for bonds due 2017

By Marisa Wong

Madison, Wis., May 2 - Mercator Lines (Singapore) Ltd. announced the conversion price for its upcoming issue of $19 million of convertible bonds due 2017.

The initial conversion price is S$0.16698, which represents 110% of the volume-weighted average price of the company's stock on the subscription agreement date.

The company announced earlier this week that it received approval in principal from the Singapore Exchange Securities Trading Ltd. for the listing of 141,060,606 shares to be issued upon conversion of the proposed bonds.

Mercator Lines (Singapore) is the main operating subsidiary of Mercator Lines Ltd. The parent company is a Mumbai-based ocean shipping company.

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