Ship Finance adjusts conversion rates on 4.875%, 5.75% convertibles

By Susanna Moon

Chicago, Sept. 21 – Ship Finance International Ltd. 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 conversion rate was adjusted to 55.4530 for the 4.875% notes and 61.6425 for the 5.75% notes, effective Sept. 13.

The changes are due to declaration of a dividend of $0.35 per share, according to a 6-K filing with the Securities and Exchange Commission.

The effective date is when 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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