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National Grid trims conversion price for 0.9% convertibles due 2020
By Susanna Moon
Chicago, June 1 – National Grid plc said it cut the conversion price on the £400 million of 0.9% convertible bonds due 2020 issued by National Grid North America Inc.
The conversion price is now £11.8411, effective Thursday.
The adjustment was required under the note terms because the year-end dividend of 128.645p per share announced May 18 exceeded the dividend threshold for the period, according to a company notice.
The company issued the bonds on Sept. 24 and set an initial conversion price of £11.9306.
National Grid is a London-based electricity and gas utility.
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