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International Power to pay conversions in stock
New York, Feb. 17 - International Power plc said it will pay conversions of its $252.5 million 3.75% guaranteed convertible bonds due 2023 in stock only.
The London-based independent electricity generating company has irrevocably given up its right to pay cash for conversions of the bonds, which were issued by International Power (Jersey) Ltd.
Paying cash would have required the bonds to be marked to market under new International Financial Reporting Standards, which could have caused earnings volatility, International Power said.
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