Shui On Land cuts conversion price of dollar-settled 4.5% convertibles

By Marisa Wong

Madison, Wis., June 3 – Shui On Land Ltd. announced it will lower the conversion price of its dollar-settled 4.5% convertible bonds due 2015 to HK$3.64 per share from HK$3.73 per share, effective June 4.

The price adjustment is due to a final dividend for the year ended Dec. 31. The dividend was approved by shareholders on May 27 and will be paid on June 17.

As of Wednesday, there is RMB 433.5 million of the original RMB 2.72 billion principal amount outstanding.

Shui On Land is a Hong Kong-based property development company.

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