International Power decreases conversion price on guaranteed convertible bonds due 2013, 2023

By Devika Patel

Knoxville, Tenn., Oct. 31 - International Power Finance (Jersey) II Ltd. announced that it was lowering the conversion price of its €230 million of 3.25% guaranteed convertible bonds due 2013 and its $252.5 million of 3.75% guaranteed convertible bonds due 2023.

The Euro bonds' conversion price will be lowered to 370p from 374p, effective Oct. 31. The dollar bonds will be convertible at 163p, lowered from 165p, also effective Oct. 31.

The changes are due to an announcement made by parent company International Power plc that it will pay a cash dividend of 3.56p per share to shareholders of record on Oct. 3.

International Power is a London-based electric power generating company with power plants totaling 31,191 megawatts of gross capacity, or 19,001 megawatts of net capacity, in 20 countries.

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