Ship Finance adjusts conversion price of 3.25% convertibles due 2018

By Angela McDaniels

Tacoma, Wash., March 2 – Ship Finance International Ltd. adjusted the conversion rate for its $350 million 3.25% senior convertible notes due 2018, according to a 6-K filing with the Securities and Exchange Commission.

The conversion price, effective Dec. 10, was changed to $18.6491 per share.

As previously reported, the company lowered the conversion rate for its $125 million 3.75% senior callable convertible notes due 2016 to $18.47 from $18.95 on Dec. 10.

Both adjustments were due to a dividend of $0.41 per share.

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

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