Frontline lower after debt exchange

|About: Frontline Ltd. (FRO)|By:, SA News Editor

Frontline (FRO -6.4%) announces a private debt-for-equity exchange in which $25M of the company's convertible bonds will be swapped for 5.8M shares priced at $2.41 a pop.

The company will grant an additional 1.2M shares to the bondholders if other financial conditions are met.