Vietnam's Vingroup cuts conversion price of 5% convertibles due 2017

By Marisa Wong

Madison, Wis., Jan. 24 - Vingroup JSC said it lowered the conversion price of its $300 million 5% convertible bonds due 2017 to VND 60,000 per share from VND 80,000 per share.

The new conversion price will be effective from Jan. 25.

The price adjustment was triggered by a distribution of bonus shares to existing shareholders.

The Hanoi, Vietnam-based company issued an initial $185 million of the offshore convertible bonds in April 2012 and priced an additional $115 million of the bonds in June 2012.

Vingroup is a real estate, tourism, hospitality development and management company.

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