Ship Finance cuts conversion price of 3.25%, 5.75% notes for dividend

By Wendy Van Sickle

Columbus, Ohio, March 31 – Ship Finance International Ltd. reduced the conversion price of its $225 million 5.75% senior convertible notes due Oct. 15, 2021 and its $350 million 3.25% senior convertible notes due Feb. 1, 2018.

The adjusted conversion rate is 58.0285 for the 5.75% notes, and the adjusted conversion price is $14.3886 for the 3.25% convertibles.

The adjustment was due to the declaration of a dividend of $0.45 per share and the company’s shares trading ex-dividend as of March 14, according to a 6-K filing with the Securities and Exchange Commission.

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

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