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BP Capital shaves conversion price of £400 million 1% bonds due 2023
By Susanna Moon
Chicago, May 11 – 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 £4.2804 from £4.2842, and the conversion ratio was adjusted to 23,362.3026 from 23,341.5807, 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 £0.074245, with an ex-date of May 10.
BP Capital Markets is a financing arm of the London-based oil and gas company.
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