Noble Group lowers conversion price on 0% convertible bonds due 2014

By Marisa Wong

Milwaukee, May 5 - Noble Group Ltd. gave notice that the conversion price on its $250 million of zero-coupon convertible bonds due 2014 will be adjusted to S$1.49 from S$2.31, effective May 21.

The conversion price adjustment follows the bonus issuance of six new ordinary shares for every 11 shares currently held and is not the result of a cash dividend payment, according to the notice.

Noble Group is a Hong Kong-based shipping company.

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