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BES Finance increases ratio for 3% bonds exchangeable into EDP
New York, May 12 – BES Finance Ltd. announced that it has adjusted the exchange ratio for its €500 million of 3% guaranteed exchangeable bonds due 2015 exchangeable into common shares of EDP – Energias de Portugal, SA.
The new exchange ratio is 14.427541658 shares per €50,000 principal amount, or a price of €3.465594.
The adjustment follows a cash dividend of €0.185 per share for the year ended Dec. 31, 2014.
Banco Espirito Santo, SA of Lisbon issued the bonds through Cayman Islands-based BES Finance. EDP is a Lisbon-based electric utility.
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