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

By Devika Patel

Knoxville, Tenn., Sept. 25 - First Pacific Co. Ltd. said it lifted 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. stock. The company announced its intention to lift the rate on Aug. 13.

Noteholders will be able to receive 360.9788 shares, raised from 354.4651 shares, for each $10,000 principal amount of notes, if they elect to exercise their exchange rights.

As previously reported, 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.

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

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