Ship Finance lowers conversion price on convertibles due to dividend

By Tali David

Minneapolis, July 1 - Ship Finance International Ltd. adjusted the conversion rate on its $350 million of 3.25% senior convertible notes due Feb. 1, 2018 and its $125 million of 3.75% senior convertible notes due Feb. 10, 2016, according to a 6-K filed with the Securities and Exchange Commission.

The company lowered the price due to a dividend of $0.39 per share.

The conversion price, effective June 19, was adjusted to $21.4333 for the 3.25% convertibles and $21.22 for the 3.75% convertibles.

Ship Finance is a Bermuda-based owner and operator of vessels, including crude oil tankers, container vessels and drybulk carriers.

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