China’s Kunlun cuts conversion price of 1.625% convertibles due 2019

By Marisa Wong

Morgantown, W.Va., June 6 – Kunlun Energy Co. Ltd. lowered the conversion price for its RMB 3.35 billion 1.625% dollar-settled convertible bonds due 2019, according to a company announcement.

Effective as of June 5, the conversion price is HK$6.80 per share, reduced from HK$7.05 per share.

The adjustment is the result of a final dividend of HK$0.258 per share for the year ended Dec. 31. The final dividend will be paid on or before June 30 to shareholders of record on June 4.

Kunlun is a subsidiary of Beijing-based China National Petroleum Corp.

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