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National Grid lowers conversion price for 0.9% convertibles due 2020
New York, Nov. 28 – National Grid North America Inc. said that it lowered the conversion price for its £400 million of 0.9% convertible bonds due 2020.
The new price is £11.8485 per ordinary share, according to a notice from the issuer.
National Grid was required to make the change because the interim dividend of 15.17p per share announced on Nov. 10 exceeded the dividend threshold set in the terms of the bonds.
In addition to reducing the conversion price, National Grid adjusted the dividend threshold. It is now zero until March 31, 2017, 23.83p until Sept. 30, 2017, 13.90p until March 31, 2018, 23.83p until Sept. 30, 2018, 13.90p until March 31, 2019, 23.83p until Sept. 30, 2019, 13.90p until March 31, 2020, 23.83p until Sept. 30, 2020 and then zero.
National Grid North America is a subsidiary of National Grid plc, a London-based electricity and gas utility.
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