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

By Devika Patel

Knoxville, Tenn., Aug. 13 - First Pacific Co. Ltd. said it plans to adjust the exchange rate on its $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. stock.

The change comes after Philippine Long Distance declared an interim dividend for 2007 of PHP60 per share and a special dividend of PHP40 per share. As a result, First Pacific may make a capital distribution to purchase additional Phillipine Long Distance shares by Sept. 24.

Upon actual receipt of the dividends, the company will make a formal announcement of the adjustment details.

Philippine Long Distance is a Manila, Philippines-based telecommunications company.

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