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BP Capital cuts conversion price of £400 million 1% bonds due 2023
By Susanna Moon
Chicago, Aug. 11 – BP Capital Markets plc said it lowered the conversion price of its £400 million 1% guaranteed non-dilutive bonds due 2023.
The conversion price was adjusted to £4.2916 from £4.2986 and the conversion ratio to 23,301.3328 from 23,263.3881, effective Thursday.
The adjustment was the result of a cash dividend of $0.10 per common share with an ex-date of Aug. 10, according to a company notice.
The company’s stock (London: BP) closed at 457.75p on Thursday.
The notes are guaranteed by parent company BP plc.
BP Capital Markets is a financing arm of the London-based oil and gas company.
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