First Pacific Finance says all $199 million 0% exchangeables converted

By Devika Patel

Knoxville, Tenn., Feb. 20 - First Pacific Finance Ltd. said all $199 million of its zero-coupon guaranteed exchangeable notes due 2010 have been exchanged by the holders at a rate of PHP 5.00 per common share.

The company had said on Jan. 16 it would redeem the notes, but the holders elected to convert their securities and, as of Feb. 19, none of the issued notes remained outstanding.

First Pacific Finance is a subsidiary of First Pacific Co. Ltd., a Hong Kong-based investment and management company.

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