Business Context and Reporting Period
This Form 6-K filing by Ship Finance International Limited (SFL Corp Ltd.) is dated June 11, 2015. The report serves to disclose a corporate action regarding the adjustment of conversion prices for two outstanding senior unsecured convertible notes. The adjustment was triggered by the Company's declaration of a cash dividend of USD 0.43 per share, with shares trading ex-dividend on the filing date.
Key Financial Metrics
The filing does not provide comprehensive financial statements, revenue, profit, cash flow, or liquidity metrics. The only specific financial data disclosed relates to the capital structure adjustments:
- Dividend Declared: USD 0.43 per share.
- Convertible Note 1 (2013 Issue): USD 350,000,000 principal; 3.25% coupon; Maturity February 1, 2018; Adjusted Conversion Price USD 17.7043.
- Convertible Note 2 (2010 Issue): USD 125,000,000 principal; 3.75% coupon; Maturity February 10, 2016; Adjusted Conversion Price USD 17.53.
Material Changes
The material change reported is the downward adjustment of the conversion prices for the Company's convertible notes. This change is a contractual requirement under the loan agreements following the dividend declaration. No other material changes to operations or financial position are detailed in this specific filing.
Guidance, Outlook, and Risks
The filing contains no management guidance, outlook, or discussion of general risks. A specific contingency is noted regarding the conversion price adjustments: the new prices are subject to consent by the trustee.
Investor Verification Checklist
- Verify the final conversion prices once trustee consent is confirmed.
- Confirm the impact of the USD 0.43 dividend on the Company's cash reserves and liquidity.
- Review the maturity dates of the notes (2016 and 2018) to assess upcoming refinancing or repayment obligations.
- Check subsequent filings for any further adjustments to the conversion prices or dividend policies.