FirstPac Cancels US$9.5m CBs
January 18 2002 - 2:00AM
UK Regulatory
RNS Number:1670Q
First Pacific Capital (1997) Ld
18 January 2002
FIRST PACIFIC COMPANY LIMITED
PRESS RELEASE
Friday, 18 January 2002
FIRST PACIFIC CANCELS US$9.5 MILLION OF CONVERTIBLE BONDS
First Pacific Company Limited announced today that it has canceled US$9.5
million of its outstanding convertible bonds, for a total cost of
approximately US$12.7 million.
Post this transaction, the outstanding face value is reduced to US$186
million, from US$195 million, and the redemption payable is reduced to US$249
million, from US$262 million.
Background:
In March 1997, US$350 million of five-year convertible bonds were issued by
First Pacific Capital (1997) Limited, a wholly-owned subsidiary of First
Pacific, at a coupon rate of 2 per cent. The bonds may be converted into
shares up until March 2002 at a strike price of HK$12.25 per share, and are
redeemable at a price of 134.129 per cent of face value.
First Pacific has to date canceled approximately 47 per cent of the amount
originally issued, and has accrued the premium to maturity since 1997.
* * *
For further information, please contact:
First Pacific Company Limited
Rebecca Brown Tel: (852) 2842 4301
Executive Vice President
Group Corporate Communications
Sara Cheung Tel: (852) 2842 4336
Assistant Vice President
Group Corporate Communications
Information about First Pacific can also be accessed on:
Web Site: http://www.firstpacco.com/
Email: info@firstpac.com.hk
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