Steinhoff lowers conversion price on 9.625% convertibles to ZAR 23.63

By Ashley Montgomery

Kansas City, Kan., Dec. 9 - Steinhoff International Holdings Ltd. adjusted the conversion price on its 9.625% convertible bonds due 2015 to ZAR 23.63 from ZAR 23.85, the company said in a notice.

The change was effective Nov. 28.

The company said it adjusted the conversion price as a result of its declaration of a capitalization share award.

As of Nov. 29, the outstanding balance on the bonds was ZAR 1.6 billion and the company's shares closed at ZAR 22.69, according to the notice.

Steinhoff is a diversified industrial company based in Bramley, South Africa.

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