Nashville, Jan. 11 - First Pacific Finance Ltd. sold $150 million of five-year premium redemption zero-coupon exchangeable bonds, which convert into shares of Philippine Long Distance Telephone Co., at par for a yield to put of 5.625% with a 21% initial conversion premium via sole bookrunner UBS Investment Bank.
The redemption price was set at 131.97, at the cheap end of guidance for 128.79 to 131.97.
The Regulation S deal also priced at the cheap end of yield of 5.125% to 5.625% and at the cheaper end of guidance for a 20% to 25% initial conversion premium.
Holders will have dividend protection for cash distributions of more than 55 cents per share in 2005, 75 cents in 2006, 90 cents in 2007 and $1.08 in 2008.
| Issuer: | First Pacific Finance Ltd.
|
| Guarantor: | First Pacific Co. Ltd.
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| Reference shares: | Philippine Long Distance Telephone Co.
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| Issue: | Exchangeable unsecured bonds
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| Bookrunner: | UBS Investment Bank
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| Amount: | $150 million
|
| Greenshoe: | $50 million
|
| Maturity: | Jan. 18, 2010
|
| Coupon: | 0%
|
| Issue price: | Par
|
| Redemption price: | 131.97
|
| Yield to put: | 5.625%
|
| Conversion premium: | 21%
|
| Conversion price: | PHP1,645.50
|
| Currency exchange rate: | Fixed at $1 equals 56.10 Philippine pesos
|
| Conversion ratio: | 340.9091
|
| Contingent conversion: | No
|
| Contingent payment: | No
|
| Call: | Non-callable for 4 years
|
| Put: | In year three at 118.11
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| Dividend protection: | Yes
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| Price talk: | 5.125-5.625% yield to put, up 20-25%
|
| Pricing date: | Jan. 11
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| Settlement date: | Jan. 18
|
| Distribution: | Regulation S
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