BBVA sets conversion price for July 15 mandatory conversion of bonds

By Angela McDaniels

Tacoma, Wash., July 14 - Banco Bilbao Vizcaya Argentaria, SA will convert its €2 billion of mandatory convertible subordinated bonds on July 15 using a conversion price of €7.32, according to a bank news release.

The bank announced the mandatory conversion on June 23.

The conversion price is the average of the closing prices of BBVA shares on the Spanish securities exchanges' SIBE system on the five trading days prior to July 15.

The conversion ratio is 136.600825 shares per €1,000 principal amount of bonds.

The bank is based in Bilbao, Spain.

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