FirstPac Cancels US$8m CBs

RNS Number:2980Q
First Pacific Capital (1997) Ld
22 January 2002




FIRST PACIFIC COMPANY LIMITED

PRESS RELEASE


Tuesday, 22 January 2002


FIRST PACIFIC CANCELS US$8 MILLION OF CONVERTIBLE BONDS


First Pacific Company Limited announced today that it has canceled US$8 million
of its outstanding convertible bonds, for a total cost of approximately US$11
million.


Post this transaction, the outstanding face value is reduced to US$167 million,
from US$175 million, and the redemption payable is reduced to US$223 million,
from US$234 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 52 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



Information about First Pacific can also be accessed on:
Web Site:        www.firstpacco.com
E-mail:          info@firstpac.com.hk




                      This information is provided by RNS
            The company news service from the London Stock Exchange

Sg Issuer 25 (LSE:78JZ)
Graphique Historique de l'Action
De Déc 2024 à Jan 2025