Lukoil dividend payout triggers conversion price cut on 2.625% bonds

By Susanna Moon

Chicago, Nov. 1 - Lukoil International Finance BV said it adjusted the conversion price on its $1.5 billion 2.625% convertible bonds due June 2015.

The conversion price was lowered to $69.39 from $71.08, and the new threshold amount was fixed at a gross amount per share of $1.64 equivalent to $1.64 per American Depositary Receipt, according to a company notice.

The adjustment was triggered as a result of the company's decision to pay a cash dividend of RUB 50 per share on Aug. 8.

Citicorp Trustee Co. Ltd. is the trustee.

Lukoil is a Moscow-based oil and energy company and a subsidiary of OAO Lukoil.

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