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BP Capital trims conversion price of £400 million 1% bonds due 2023
By Susanna Moon
Chicago, Nov. 10 – BP Capital Markets plc said it cut the conversion price of its £400 million 1% guaranteed non-dilutive bonds due 2023.
The notes are guaranteed by parent company BP plc.
The conversion price was lowered to £4.2859 from £4.2916, and the conversion ratio was adjusted to 23,332.3223 from 23,301.3328, according to a notice by the issuer.
The adjustment was the result of a cash dividend of $0.10 per common share, translated into pounds sterling to £0.076231, with an ex-date of Nov. 9.
BP Capital Markets is a financing arm of the London-based oil and gas company.
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