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Subsea 7 adjusts conversion price on 1%, 3.5% convertible bonds
By Tali Rackner
Norfolk, Va., Sept. 24 – Subsea 7 Inc. and Subsea 7 SA adjusted the conversion price on their 1% convertible bond due 2017 and their 3.5% convertible bond due 2014, according to notices from trustee Nordic Trustee ASA.
The adjustments are a result of a NOK 3.6 dividend per share payment on July 10.
The conversion price for the 1% convertibles was adjusted to $28.39, and the price for the 3.5% convertibles was adjusted to $15.32. The changes were effective on June 30.
Subsea 7 SA is a London-based underwater engineering and construction contractor.
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