BBVA cuts conversion price of bonds after capital increase approved

By Susanna Moon

Chicago, May 25 - Banco Bilbao Vizcaya Argentaria, SA said it lowered the conversion price on its mandatory convertible subordinate bonds dated December 2011.

The minimum conversion price was lowered to €3.44 from €3.50, and the maximum conversion price was reduced to €49.19 from €50.00, according to a company press release.

The change was because of the free-of-charge capital increase implemented by the company's executive committee, the release noted.

BBVA announced the conversion price of €6.047 for voluntary conversions of the bonds on March 29.

The Bilbao, Spain, bank said that it set the price using the mean of the closing prices on the five trading days prior to March 30.

The conversion ratio was 16.537126.

The bank's American Depositary Receipts (NYSE: BBVA) closed at $7.85 apiece on March 29.

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