Subsea 7 adjusts conversion rate of its 1% convertibles due 2017

By Tali David

Minneapolis, July 1 - Subsea 7 SA adjusted the conversion rate of its 1% convertible bond issue due 2017, according to a notice from trustee Norsk Tillitsmann ASA.

Effective July 3, the adjusted conversion price is $29.34.

The adjustment is due to a $0.60 dividend per share payment that will be made on July 12.

Subsea 7 is a London-based underwater engineering and construction contractor.

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