Business Context and Reporting Period
This Form 6-K filing by Ship Finance International Limited (SFL Corp Ltd.) covers the month of September 2015. The report discloses a corporate action regarding the adjustment of conversion prices for two outstanding senior unsecured convertible notes, triggered by a dividend declaration.
Key Financial Metrics
The filing does not provide comprehensive financial statements, revenue, profit, cash flow, or liquidity metrics. It focuses exclusively on debt instrument terms and a specific dividend event.
- Dividend Declared: USD 0.44 per share.
- Convertible Note 1 (2013 Issue): USD 350,000,000 principal; 3.25% coupon; Maturity February 1, 2018; Adjusted Conversion Price USD 17.2317.
- Convertible Note 2 (2010 Issue): USD 125,000,000 principal; 3.75% coupon; Maturity February 10, 2016; Adjusted Conversion Price USD 17.06.
Material Changes
The primary material change is the downward adjustment of conversion prices for both outstanding convertible notes. This adjustment was executed pursuant to loan agreements following the declaration of a USD 0.44 per share dividend, with shares trading ex-dividend as of September 10, 2015.
Guidance, Outlook, and Risks
The filing contains no management commentary, forward-looking guidance, or discussion of general business risks. The only contingency noted is that the adjusted conversion prices are subject to consent by the trustee.
Investor Verification Checklist
- Verify the final approved conversion prices once trustee consent is confirmed.
- Confirm the ex-dividend trading status and record date for the USD 0.44 dividend.
- Review the specific terms of the 2010 and 2013 convertible note indentures regarding future dividend adjustments.
- Check the maturity timeline for the 2010 notes (February 2016) relative to current market conditions.