China Unicom to cut conversion price of 0.75% convertibles due 2015

By Marisa Wong

Madison, Wis., March 21 - China Unicom (Hong Kong) Ltd. said it will adjust the conversion price of the 0.75% guaranteed convertible bonds due 2015 issued by its Billion Express Investments Ltd. unit.

The conversion price will be lowered to HK$15.36 per share from HK$15.58 per share.

The price adjustment will take effect on May 30, subject to shareholders' approval of a final dividend payment at a general meeting on May 21.

As of March 21, there is $1,838,800,000 principal amount of the convertibles outstanding.

The telecommunications services provider is based in Hong Kong.

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