First Pacific buys back further $9.5 million convertibles

New York, Jan. 18 - First Pacific Co. Ltd. said it repurchased a further $9.5 million of its outstanding convertible bonds at a total cost of $12.7 million.

The Hong Kong company now has $185.844 million of the securities outstanding.

On Wednesday, First Pacific said it would repurchase the convertibles in the open market instead of conducting a formal tender offer.

ING Barings is carrying out the repurchases for First Pacific.

The repurchases will run though Jan. 23. After that date, First Pacific will deposit enough funds with the trustee to redeem the remaining convertibles at maturity on March 27, 2002.

First Pacific issued $350 million of the five-year convertibles in March 1997 through its First Pacific Capital (1997) Ltd. unit. The securities pay a coupon of 2% and can be converted until March 2002 at a price of HK$12.25 per share. They are redeemable at 134% of face value. So far the company has repurchased approximately 47% of the issue.

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