International Power to cut exchange price of 3.75%, 3.25% convertibles

By Tali David

Minneapolis, June 20 - International Power plc is lowering the exchange price of its $228,262,000 of 3.75% guaranteed convertible bonds due 2023 and its €230 million of 3.25% guaranteed convertible bonds due 2013, according to filings with the London Stock Exchange.

Effective June 29, the 3.75% convertibles' exchange price will change to 107p per share from 109p per share and the 3.25% convertibles' exchange price will change to 250p per share from 254p per share.

The adjustment is due to a cash dividend.

International Power is a London-based independent power generation company.

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