Ship Finance tweaks conversion rate, price of two series for dividend

By Susanna Moon

Chicago, June 15 – Ship Finance International Ltd. modified the conversion rate of its $225 million 5.75% senior convertible notes due Oct. 15, 2021 and the conversion price of its $184,202,000 of outstanding 3.25% senior convertible notes due Feb. 1, 2018.

The conversion rate was adjusted to 58.9992 for the 5.75% notes, and the conversion price was adjusted to $13.9157 for the 3.25% convertibles.

The adjustment was made as the result of the company’s planned dividend of $0.45 per share and the company’s shares trading ex-dividend as of June 14, according to a 6-K filing with the Securities and Exchange Commission.

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

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