International Power receives conversion notices for 4.75% convertibles in response to call

By Tali David

Minneapolis, Sept. 18 - International Power Finance (Jersey) III Ltd. received conversion notices for more than 85% of its €700 million 4.75% guaranteed convertible bonds due 2015 in response to the Aug. 22 call, according to a filing with the London Stock Exchange.

The company will redeem the remaining €105.45 million of bonds at par plus accrued interest on Sept. 27.

Bondholders who exercise their conversion rights up through Aug. 28 will be issued shares at the adjusted exchange price of 369p per share. After that the exchange price will be 415p per share.

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

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