International Power cuts conversion price on three convertible bonds

By Devika Patel

Knoxville, Tenn., July 9 - International Power Finance (Jersey) II Ltd. announced that it has lowered the conversion price of its €230 million in 3.25% guaranteed convertible bonds due 2013, its $252.5 million in 3.75% guaranteed convertible bonds due 2023 and its €700 million in 4.75% guaranteed convertible bonds due 2015.

The 2013 bonds' conversion price will be lowered to 358p from 370p. The 2023 bonds will be convertible at 157p, lowered from 163p, and the 2015 bonds will now have a conversion price of 548p, which was decreased from 561p.

The changes, which take effect July 9, are due to an announcement made by parent company, International Power plc that it will pay a cash dividend of 8.59p per share to shareholders of record on June 5.

International Power is a London-based electric power generating company with power plants in 20 countries.

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