China Power cuts conversion prices of 2.25%, 2.75% convertible bonds

By Marisa Wong

Madison, Wis., May 28 - China Power International Development Ltd. announced it will lower the conversion price of its RMB 982 million dollar-settled 2.25% convertible bonds due 2016 to HK$1.91 per share from HK$2.00 per share, effective June 10.

The company said it will also cut the conversion price of its RMB 1.14 billion dollar-settled 2.75% convertible bonds due 2017. The new conversion price of HK$2.409 per share, lowered from HK$2.520 per share, will take effect June 10.

The price adjustments are due to a proposed final dividend payment for the year ended Dec. 31.

Hong Kong-based China Power's principal business is to develop, construct, own, operate and manage large power plants in mainland China.

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