Shui On Land lowers conversion prices of 7.5% perpetual convertibles

By Marisa Wong

Morgantown, W.Va., June 1 – Shui On Land Ltd. announced it will lower the conversion price of its 7.5% senior convertible perpetual capital securities to HK$3.06 per share from HK$3.11 per share.

The new conversion price will take effect on June 2.

The adjustment is due to a final dividend for the year ended Dec. 31, 2015. The dividend will be paid on June 16 to holders of record as of June 1.

As of Wednesday, the entire $225 million original principal amount remains outstanding.

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

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