Swiber clarifies adjustment to conversion price of 5% convertibles

By Angela McDaniels

Tacoma, Wash., March 22 - Swiber Holdings Ltd. clarified that the adjusted conversion price of its $100 million of 5% convertible bonds due 2014 will be rounded down to the nearest cent. As a result, the adjusted conversion price is S$0.84.

The company announced on Tuesday that the conversion price would be adjusted to S$0.847 per share from S$0.864 per share upon the completion of a placement of new shares.

The placement has since been completed. The company sold 101,070,000 shares for S$0.635 each.

Swiber is a Singapore-based offshore oil and gas company.

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