Ship Finance lowers conversion price of convertibles due to dividend

By Marisa Wong

Morgantown, W.Va., Dec. 8 – Ship Finance International Ltd. adjusted the conversion rate for its senior callable convertible bonds due 2016, according to a notice from trustee Nordic Trustee ASA.

The conversion price was lowered to $16.61 from $17.06, effective Tuesday.

The adjustment is due to a dividend payment of $0.45 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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