New Issue: Far East Consortium $60 million convertibles yield 1%, up 30%

New York, March 12 - Far East Consortium International Ltd. priced $60 million of five-year premium redemption zero-coupon bonds at par to yield 1% with a 30% initial conversion premium.

Deutsche Bank AG was bookrunner for the Regulation S offering.

Far East Consortium, a Hong Kong property company, will use HK$300 million of the proceeds to repay loans and the remaining HK$154 million for working capital.

The shares to be issued on conversion will represent 16.57% of the company's stock.

Issuer:	Far East Consortium International Ltd.
Issue:	Convertible bonds
Amount:	$60 million
Greenshoe:	$6.989 million
Maturity:	April 13, 2009
Coupon:	0%
Price:	Par
Redemption price:	105.1
Yield:	1%
Conversion premium:	30.06%
Conversion price:	HK$2.25
Call:	April 13, 2006 onwards at price to give yield of 1%, subject to 130% hurdle
Put:	April 13, 2006 at 102.01
Pricing date:	March 10
Settlement date:	April 13
Bookrunner:	Deutsche Bank AG
Distribution:	Regulation S

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