SM Investments cuts conversion price of 1.625% convertibles due 2017

By Marisa Wong

Madison, Wis., July 10 - SM Investments Corp. said it adjusted the conversion price of its $250 million 1.625% convertible bonds due 2017.

The new conversion price is PHP 624.625 per share, lowered from PHP 780.782 following the declaration of a dividend.

The dividend was approved by the Philippines Securities and Exchange Commission on June 24. The company set July 8 as the record date for determining shareholders entitled to the dividends.

The conversion price was previously adjusted from PHP 781.446, the original conversion price, as a result of a stock placement in August 2012.

The Pasay City, Philippines-based company issued the convertibles in February 2012.

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