Ship Finance cuts conversion price of 3.25% convertibles due 2018

By Wendy Van Sickle

Columbus, Ohio, June 14 – Ship Finance International Ltd. lowered the conversion price for its $350 million 3.25% convertible notes due Feb. 1, 2018, according to a 6-K filing with the Securities and Exchange Commission.

The conversion price was adjusted to $15.7835 as of June 10, because the company declared a dividend of $0.45 per share, the filing noted.

Ship Finance said on March 14 that it lowered the conversion price of the 3.25% notes to $16.2456 from $16.7778.

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

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