BBVA resets conversion price of mandatory convertible bonds

By Marisa Wong

Madison, Wis., March 22 - Banco Bilbao Vizcaya Argentaria, SA said it set the minimum and maximum conversion prices for its mandatory convertible subordinated bonds dated December 2011 at €3.36 and €48.10, respectively.

The market reference price was set at €7.424, which corresponds to the average of the closing prices over five trading days prior to distribution of a dividend on Jan. 10.

The Bilbao, Spain-based bank said the current conversion prices were set according to the allocation of profits approved at a shareholders' meeting held on March 15 and the company's audited and consolidated financial statements.

The minimum conversion price was previously lowered to €3.40 from €3.44, and the maximum conversion price was reduced to €48.59 from €49.19. The prices were last modified on Jan. 25.

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