Glencore adjusts conversion ratio of $625 million of convertibles

By Rebecca Melvin

New York, July 1 – Glencore Funding LLC announced the adjustment of the conversion ratio for $625 million of non-dilutive cash-settled guaranteed convertible bonds due 2025 to 30,625.64767 shares per bond from 31,959.35747 shares per bond, according to a news release.

The conversion price is adjusted to £4.6320 from £4.4387 previously and is being made in connection with a dividend announced in June.

The convertibles are guaranteed by Glencore plc.

Based in Baar, Switzerland, Glencore is a supplier of commodities and raw materials to industrial consumers.

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