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Cable & Wireless lowers conversion price on £230 million 5.75% notes
By Susanna Moon
Chicago, Dec. 2 - Cable & Wireless Worldwide plc said it lowered the conversion price on its £230 million of 5.75% convertible bonds due 2014.
The conversion price is 102p, effective Nov. 23, down from 106p, according to a press release.
The adjustment is due to the planned interim dividend of 0.75p per share on Jan. 26 to shareholders of record on Nov. 25.
BNP Paribas Securities Services, Luxembourg Branch is the conversion agent.
As previously reported, the company adjusted the conversion price to 106p, effective June 8, down from 108p. The adjustment this summer was due to dividend of 3p per share on Aug. 11.
Cable & Wireless is a London-based telecom company.
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