Lukoil adjusts conversion ratio on 3.5% convertibles

New York, July 2 - OAO Lukoil said it adjusted the exchange ratio on its $350 million of 3.5% convertible bonds due 2007 issued through Lukinter Finance BV.

The Russian oil company said the conversion ratio has been reduced to $82.560 from $83.693 following the announcement of a 24 rubles per share cash dividend. The adjustment is retroactive to May 7.

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