Ship Finance adjusts conversion rates on convertibles due 2021, 2023

By Marisa Wong

Morgantown, W.Va., June 26 – Ship Finance International Ltd. said it adjusted the conversion rates for its $164 million of 4.875% senior convertible notes due May 1, 2023 and its $225 million of 5.75% senior convertible notes due Oct. 15, 2021.

The updated conversion rate is 54.0658 for the 4.875% notes and 61.0872 for the 5.75% notes.

The changes are due to declaration of a dividend of $0.35 per share.

The new conversion rates are effective June 14, the date the company’s shares started trading ex-dividend on the New York Stock Exchange.

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

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