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BP Capital trims conversion price on 1% guaranteed bonds due 2023
By Marisa Wong
Morgantown, W.Va., Aug. 10 – BP Capital Markets plc said it lowered the conversion price of its £400 million 1% guaranteed non-dilutive bonds due 2023 to £4.2725 from £4.2804.
As a result, the conversion ratio was adjusted to 23,405.5003 from 23,362.3026, according to a notice by the issuer.
The change resulted from a cash dividend of $0.1025 per ordinary share, translated into pounds sterling to £0.079652, with an ex-date of Aug. 9.
The notes are guaranteed by parent company BP plc, a London-based oil and gas company.
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