Alumina drops conversion price of 2% convertible bonds to A$6.5668

By Devika Patel

Knoxville, Tenn., Aug. 7 - Alumina Ltd. said the conversion price of Alumina Finance Ltd.'s $350 million issue of five-year 2% convertible bonds has been lowered to A$6.5668 from A$7.7613, effective as of May 4.

The adjustment is due to a recently completed rights issue of about 980 million ordinary shares at A$1.00 per share.

Alumina said that the bonds are now convertible into 56,299,155 common shares.

Melbourne, Australia-based Alumina is involved in worldwide bauxite mining activities.

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