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Glencore adjusts conversion price on convertible bonds due 2025
By Mary-Katherine Stinson
Lexington, Ky., May 4 – Glencore Funding LLC notified holders of its $625 million non-dilutive cash-settled guaranteed convertible bonds due 2025 (ISIN: XS1799614232) that it adjusted the conversion price and the conversion ratio for the bonds as a result of a cash dividend paid on its ordinary shares, according to a notice on Thursday.
The conversion price was adjusted to £4.5912 from £4.4962, and the conversion ratio was accordingly adjusted to 30,897.80450 from 30,219.84577.
The adjustment is a result of a cash dividend of $0.22 per share payable on June 1 to shareholders of record on May 5.
The convertibles are guaranteed by Glencore plc.
Based in Baar, Switzerland, Glencore is a supplier of commodities and raw materials to industrial consumers.
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