BW Offshore trims conversion price on convertibles due to dividends

By William Gullotti

Buffalo, N.Y., March 9 – BW Offshore Ltd. lowered the conversion price on its $297.4 million senior convertible bonds due 2024 (ISIN: NO0010867948) to $7.9013 from $8.0776, effective March 9, according to a notice on Thursday.

The adjustment results from a dividend in cash of $0.035 and a dividend in kind of 0.0094 shares distributable to shareholders of record on March 3.

BW Offshore is a provider of floating production services to the oil and gas industry. The company has headquarters in Singapore and Oslo.

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