Singapore's Yanlord lowers conversion price for 4% notes

By Susanna Moon

Chicago, June 18 - Yanlord Land Group Ltd. said it adjusted the conversion price for its S$477.25 million notes due 2012 to S$2.7100 per share from S$2.7531.

The change was due to a $0.0289 cash dividend per share announced on Feb. 28 for fiscal 2006.

The five-year convertibles were priced in February for a coupon of 4% and an initial conversion premium of 33%.

The convertibles are non-callable for the first three years and may be put in the third year.

Singapore-based Yanlord develops residential properties in China.

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