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National Grid trims conversion price for 0.9% convertibles due 2020
By Tali Rackner
Minneapolis, May 31 – National Grid plc cut the conversion price on the £400 million of 0.9% convertible bonds due 2020 issued by National Grid North America Inc., according to a company notice.
The conversion price is now £11.727, effective Thursday.
The adjustment was required under the note terms because the year-end dividend of 30.44p per ordinary share announced May 17 exceeded the dividend threshold for the period. The full-year dividend totaled 45.93p per ordinary share.
In addition to reducing the conversion price, National Grid adjusted the dividend threshold. It is now zero until Sept. 30, 13.75p until March 31, 2019, 23.59p until Sept. 30, 2019, 13.75p until March 31, 2020, 23.59p until Sept. 30, 2020 and then zero through maturity.
National Grid is a London-based electricity and gas utility.
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