Shenzhou International to trim conversion price of 0.5% convertibles

By Susanna Moon

Chicago, March 21 – Shenzhou International Group Holdings Ltd. said it will lower the conversion price of its HK$3.9 billion 0.5% convertible bonds due 2019.

The conversion price will be adjusted to HK$37.50 per share, effective June 11, down from HK$38.00 per share, according to a company notice.

The adjustment is due to the planned dividend for the year ended Dec. 31, 2015, subject to shareholder approval.

Shenzhou International priced HK$3.9 billion of the 0.5% convertibles in May 2014.

The Hong Kong-based company manufactures and sells knitwear products.

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