Pacific Andes decreases conversion price on 4% convertibles due 2012

By Devika Patel

Knoxville, Tenn., July 10 - Pacific Andes International Holdings Ltd. said it adjusted the conversion price on its $93 million of 4% convertible bonds due 2012 to S$0.6785 each from S$0.8553each.

The decrease is due to the underwritten renounceable rights issue of 1,391,189,163 units at an issue price of S$0.15 per unit, according to a press release.

The new conversion price is effective July 24, which is the date of the rights issue.

The Hongkong and Shanghai Banking Corp. Ltd. is the trustee and registrar.

Hong Kong's Pacific Andes provides frozen seafood products to an international clientele.

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