Steinhoff cuts conversion price of 9.625% convertible bonds due 2015

By Marisa Wong

Madison, Wis., Nov. 30 - Steinhoff International Holdings Ltd. said it lowered the conversion price of its 9.625% convertible bonds due 2015 to ZAR 23.34 from ZAR 23.63. The new conversion price became effective Nov. 26.

The adjustment is due to the declaration of a capitalization share award exceeding 2.5% of the average of the volume weighted average prices of the company's stock in the 180-day period ended Sept. 3.

As of Nov. 28, the outstanding principal amount of the convertible bonds was ZAR 1.6 billion, and the closing price of Steinhoff's ordinary shares was ZAR 26.98.

Steinhoff is a Johannesburg-based retailer of furniture and household goods in Europe, Africa and the Pacific Rim.

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