First Steamship cuts conversion prices on convertibles due 2014, 2015

By Marisa Wong

Madison, Wis., Dec. 21 - First Steamship Co., Ltd. said that it adjusted the conversion prices for its $20 million zero-coupon convertible bonds due 2014 and $45 million zero-coupon convertible bonds due 2015.

The new conversion price for the 2014 convertibles is NT$36.50, lowered from NT$38.50, and the new conversion price for the 2015 convertibles is NT$32.50, lowered from NT$34.20.

The adjusted prices are effective Jan. 18.

The Taipei, Taiwan-based shipping company issued the 2014 bonds in October 2011 and the 2015 bonds in June 2012.

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