Sirius Minerals lowers conversion price on 5% convertibles

Chicago, May 26 – Sirius Minerals Finance No. 2 Ltd., formerly known as Sirius Minerals plc, announced that it has decreased the exchange price on its $106.6 million 5% guaranteed convertible bonds due 2027, according to a notice.

The bonds are convertible into ordinary shares of Anglo American Woodsmith Ltd.

The exchange price has been adjusted to $0.1954 from $0.2443, effective May 25.

Accordingly, the change-of-control exchange price for the period that started on March 17 and ends on May 29 has been adjusted to $0.1595 from $0.1995, also effective May 25.

As previously advised to bondholders on Feb. 7 and March 30, a change-of-control conversion right amendment has been made to the articles of the guarantor so that any ordinary shares issued upon the exercise of conversion rights after the scheme became effective will be immediately transferred to Bidco in exchange for which the relevant bondholder will receive, as transferor, an amount in cash equal to the offer price (of £0.055 per ordinary share) for each ordinary share transferred.

Sirius Minerals is a United Kingdom-based fertilizer development company.

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