Australia's Amcor buys back 85.9% of Pacrs1, issues 8.19 million shares for remainder

By Jennifer Chiou

New York, May 2 - Amcor Investments (New Zealand) Ltd. said its repurchased 3,434,736 or 85.9% of its A$400 million of Pacrs1 convertible notes on Friday at A$105.2632 per note.

The company said it paid $361 million, including the full A$4.2514 of interest per note for the final payment before the conversion date.

Amcor said the remaining 565,264 notes were converted to shares at 14.4861 shares per note for a total of 8,187,171 shares. The conversion ratio was calculated by dividing each A$100 note by an amount equal to 95% of the volume-weighted average price, which was A$7.2665, during the 20 business days before the purchase date.

The Pacrs1 (Perpetual Amcor Convertible Reset Securities) were issued by Amcor Investments (New Zealand) Ltd. in May 2001 and had a reset date of April 30.

The buyback ended at 5 p.m. Melbourne time on March 24.

Amcor said its cash offer reflects the full value of the conversion terms.

Amcor is an Abbotsford, Victoria, Australia-based packaging company.

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