STX Pan Ocean lowers conversion price of 4.5% convertibles due 2014

By Marisa Wong

Madison, Wis., March 28 - STX Pan Ocean Co., Ltd. said it adjusted the conversion price of its $200 million 4.5% convertible bonds due 2014 to KRW 13,880 from KRW 14,125.

The new conversion price is effective retroactively to Jan. 1.

The price adjustment follows from the distribution of a cash dividend of KRW 100 per share.

STX Pan Ocean is a Seoul, South Korea-based shipping company that provides bulk cargo carrier, pure car and truck carrier, container and tanker services.

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