First Pacific ups exchange rate on 0% exchangeables linked to Philippine Long Distance

By Jennifer Chiou

New York, Sept. 22 - First Pacific Co. Ltd. said it increased the exchange rate on the $199 million zero-coupon guaranteed exchangeable notes due 2010 issued by its First Pacific Finance Ltd. subsidiary and exchangeable into Philippine Long Distance Telephone Co.

Noteholders will be able to receive 348.5940 shares for each $10,000 principal amount of notes if they elect to exercise their exchange rights.

The change comes after Philippine Long Distance recorded $1,469,043.67 of excess dividends, as defined in the indenture.

The Manila, Philippines-based telecom company's distribution was used to purchase 32,434 shares, which will be added to the exchange property to be given to investors. Noteholders will now share in an exchange property of 6,675,576 shares instead of 6,643,142 shares.

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