First Steamship trims conversion price on 0% bonds due 2022

By Taylor Fox

New York, Nov. 6 – First Steamship Co., Ltd. issued a notice of conversion price adjustment to NT$10.42 from NT$11.95 on its $50 million currency linked zero-coupon credit enhanced convertible bonds due 2022 (ISIN: XS1926305332) effective Nov. 9, according to a company announcement.

At the extraordinary general meeting of the company held Sept. 30, it resolved to distribute to each shareholder a cash dividend of NT$0.4 per share and a stock dividend of 90 shares of each 1,000 shares held by shareholders on Nov. 7.

The conversion price has been adjusted due to the distribution.

First Steamship is a Taipei, Taiwan-based shipping company.

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