Ship Finance cuts conversion prices on 3.25%, 3.75% convertible notes

By Marisa Wong

Madison, Wis., Sept. 10 - Ship Finance International Ltd. lowered the conversion prices for its $350 million of 3.25% senior convertible notes due Feb. 1, 2018 and its $125 million of 3.75% senior convertible notes due Feb. 10, 2016, according to a 6-K filed with the Securities and Exchange Commission.

The adjusted conversion prices are $20.89 and $20.69 for the 3.25% and 3.75% notes, respectively. The new prices are effective as of Sept. 10.

The company lowered the prices due to a dividend of $0.39 per share.

Ship Finance is a Bermuda-based owner and operator of vessels, including crude oil tankers, container vessels and drybulk carriers.

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