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National Grid trims conversion price for 0.9% convertibles due 2020
By Sarah Lizee
Olympia, Wash., Dec. 2 – 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 £11.5422, effective Nov. 28.
The adjustment was required under the note terms because the year-end dividend of 16.57p per ordinary share announced Nov. 14 exceeded the dividend threshold for the period.
In addition to reducing the conversion price, National Grid adjusted the dividend threshold. It is now zero until March 31, 2020, 0.2321p until Sept. 30, 2020 and then zero through maturity.
National Grid is a London-based electricity and gas utility.
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