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National Grid lowers conversion price for 0.9% convertibles due 2020
New York, Nov. 27 – National Grid plc reduced the conversion price on the £400 million of 0.9% convertible bonds due 2020 issued by National Grid North America Inc., according to a notice from the company.
The new conversion price is £11.8195, effective from Nov. 23.
National Grid said it made the change because the interim dividend of 15.49p per share announced on Nov. 9 exceeded the dividend threshold for the period under the terms of the notes.
Previously the conversion price was £11.8411.
The company priced the bonds on Sept. 24, 2015 and set an initial conversion price of £11.9306.
National Grid is a London-based electricity and gas utility.
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