Australia's Alumina adjusts conversion price of 5% bonds after rights issue

By Jennifer Chiou

New York, Oct. 17 - Australia's Alumina Ltd. said it completed a rights issue of 303.4 million common shares at A$3.00 per share.

As a result of the offer, Alumina, the guarantor of Alumina Finance Ltd.'s upsized $350 million of five-year 2% convertible bonds, said that the conversion price of the bonds has been lowered to A$7.76 from A$8.35.

The adjusted price is effective as of Sept. 1.

Alumina said that the bonds are now convertible into 47,642,434 common shares.

Melbourne, Australia-based Alumina is involved in worldwide bauxite mining activities.

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