Business Context and Reporting Period
This Form 6-K filing by Ship Finance International Limited (SFL Corp Ltd.) covers the period ending December 10, 2013. The report serves to disclose a corporate action regarding the adjustment of conversion prices for two outstanding senior unsecured convertible notes, triggered by a recent dividend declaration.
Key Financial Metrics
The filing does not provide comprehensive financial statements, revenue, profit, cash flow, or liquidity metrics. The primary financial data disclosed relates to the terms of the company's debt instruments:
- Dividend Declaration: USD 0.39 per share (resulting in shares trading ex-dividend on December 10, 2013).
- Convertible Note 1 (2013 Issue):
- Issue Amount: USD 350,000,000
- Coupon: 3.25%
- Maturity: February 1, 2018
- Adjusted Conversion Price: USD 20.4112
- Convertible Note 2 (2010 Issue):
- Issue Amount: USD 125,000,000
- Coupon: 3.75%
- Maturity: February 10, 2016
- Adjusted Conversion Price: USD 20.21
Material Changes
The material change reported is the downward adjustment of the conversion prices for both outstanding convertible notes. This adjustment was executed pursuant to the relevant loan agreements as a direct consequence of the company's declaration of a USD 0.39 per share dividend.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future operations, 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 consent of the trustee regarding the adjusted conversion prices of USD 20.4112 and USD 20.21.
- Confirm the exact ex-dividend trading date and the impact of the USD 0.39 dividend on shareholder equity.
- Review the specific loan agreements to understand the mechanics of future conversion price adjustments.