Lukoil dividend triggers lower conversion price on 2.625% bonds

By Tali David

Minneapolis, Jan. 14 - Lukoil International Finance BV adjusted the conversion price on its $1.5 billion 2.625% convertible bonds due June 2015, according to a filing with the London Stock Exchange.

The company said it lowered the conversion price to $71.08 from $72.6489 and the new threshold amount was fixed at a gross amount per share of $1.68 equivalent to $1.68 per American Depositary Receipt.

The price was adjusted as a result of the company's decision to pay shareholders a cash dividend of RUB 40 per share, the payment of which was approved at the company's general meeting of shareholders on Dec. 18.

The new price went into effect on Dec. 31.

Citicorp Trustee Co. Ltd. is the trustee.

Lukoil is a Moscow-based oil and energy company and a subsidiary of OAO Lukoil.

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