Business Context and Reporting Period
This Form 6-K filing by Ship Finance International Limited (SFL Corp Ltd.) covers the month of March 2015. The report, dated March 6, 2015, serves to disclose a corporate action regarding the adjustment of conversion prices for the Company's outstanding convertible notes.
Key Financial Metrics
The filing does not provide standard financial performance metrics such as revenue, profit, cash flow, margins, or liquidity ratios. The document focuses exclusively on debt instrument terms.
| Instrument | Issue Amount | Coupon | Maturity | Adjusted Conversion Price |
|---|---|---|---|---|
| Senior Unsecured Convertible Notes (2013) | USD 350,000,000 | 3.25% | February 1, 2018 | USD 18.1555 |
| Senior Unsecured Convertible Notes (2010) | USD 125,000,000 | 3.75% | February 10, 2016 | USD 17.98 |
Material Changes
The primary material change reported is the adjustment of conversion prices for two series of convertible notes. This adjustment was triggered by the Company's declaration of a dividend of USD 0.42 per share, with shares trading ex-dividend on March 6, 2015. The adjustments were made pursuant to the relevant loan agreements.
Outlook, Risks, and Contingencies
The filing contains no management commentary on future outlook, risks, or contingencies beyond the specific debt adjustment. A material contingency noted is that the adjusted conversion prices are subject to consent by the trustee.
Investor Verification Checklist
- Verify the final consent of the trustee regarding the adjusted conversion prices of USD 18.1555 and USD 17.98.
- Confirm the ex-dividend trading status of the Company's shares as of March 6, 2015.
- Review the specific loan agreements to understand the mechanics of future conversion price adjustments.
- Note that the filing does not contain updated financial statements; refer to the most recent Form 20-F for comprehensive financial data.