Somerset adjusts conversion rate for zero-coupon bonds exchangeable into Singapore Telecommunications

By Susanna Moon

Chicago, June 13 - Somerset Global Corp. Ltd. said it will adjust the conversion rate for its S$1.5625 billion zero-coupon guaranteed exchangeable notes due 2009 exchangeable into ordinary shares of Singapore Telecommunications Ltd.

The change follows a recent dividend distribution.

The adjustment is based on S$810.25 million outstanding as of May 9. Holders can now receive 87,670.73 company shares and $15,761.0957 for each S$250,000 principal amount of notes.

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