British Land cuts conversion price of 0% bonds due 2020, 1.5% bonds

By Susanna Moon

Chicago, June 29 – British Land Co. plc said it adjusted the conversion price on the £350 million zero-coupon guaranteed convertible bonds due 2020 issued by British Land (White) 2015 Ltd.

The exchange price of the 0% bonds will be lowered to £10.5018 per share from £10.6379 per share, and the threshold amount will be cut to 3.374p per share from 3.418p per share, effective June 29, according to a company notice.

The company also reduced the conversion price of the £400 million of 1.5% guaranteed convertible bonds due 2017 issued by British Land (Jersey) Ltd.

For the 1.5% convertibles, the exchange price will be £6.8576 per share, adjusted from £6.9307 per share, and the threshold amount trimmed to 26.1p from 26.4p, also effective June 29, according to a separate notice.

The adjustment was due to the cash dividend of 7.3p payable on Aug. 4 to shareholders of record on June 30, each release noted.

British Land is a London-based real estate company.

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