Sinopec cuts conversion price of H share convertible bonds due 2014

By Marisa Wong

Madison, Wis., May 25 - China Petroleum & Chemical Corp. said it lowered the conversion price of its $11.7 billion zero-coupon H share convertible bonds due 2014 to HK$10.60 per share from HK$10.76 per share, effective May 25.

The price adjustment is due to a final dividend declared for the year ended Dec. 31.

As of May 25, the outstanding principal amount of the bonds is HK$11,661,480,000. Following the conversion price adjustment, the maximum number of shares issuable upon full conversion of the outstanding bonds is 1,100,139,622 shares, up from 1,083,780,669 shares.

Sinopec is a Beijing-based petroleum and chemical company.

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