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National Grid lowers conversion price for 0.9% convertibles due 2020
By Susanna Moon
Chicago, June 2 – National Grid plc said it reduced the conversion price on the £400 million of 0.9% convertible bonds due 2020 issued by National Grid North America Inc.
The conversion price was adjusted to £11.8647, effective Thursday.
National Grid was required to cut the conversion price because the year-end dividend of 43.34p per share announced May 19 exceeded the dividend threshold for the period, according to a company announcement.
National Grid issued the bonds on Sept. 24 and set an initial conversion price of £11.9306, which was subsequently reduced to £11.9178.
National Grid is a London-based electricity and gas utility.
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