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First Pacific Cptl (78JZ)

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Thursday 17 January, 2002

First Pacific Cptl

FirstPac Cancels US$3.1m CBs

First Pacific Capital (1997) Ld
17 January 2002


FIRST PACIFIC COMPANY LIMITED

PRESS RELEASE


Thursday, 17 January 2002


FIRST PACIFIC CANCELS US$3.1 MILLION OF CONVERTIBLE BONDS


First Pacific Company Limited announced today that it has canceled US$3.1
million of its outstanding convertible bonds, for a total cost of
approximately US$4.2 million.


Post this transaction, the outstanding face value is reduced to US$195
million, from US$198 million, and the redemption payable is reduced to US$262
million, from US$266 million.


Background:
In March 1997, US$350 million of five-year convertible bonds were issued by
First Pacific Capital (1997) Limited, a wholly-owned subsidiary of First
Pacific, at a coupon rate of 2 per cent. The bonds may be converted into
shares up until March 2002 at a strike price of HK$12.25 per share, and are
redeemable at a price of 134.129 per cent of face value.


First Pacific has to date canceled approximately 44 per cent of the amount
originally issued, and has accrued the premium to maturity since 1997.


                                    * * *


For further information, please contact:
First Pacific Company Limited
Rebecca Brown                                   Tel: (852) 2842 4301
Executive Vice President
Group Corporate Communications

Sara Cheung                                     Tel: (852) 2842 4336
Assistant Vice President
Group Corporate Communications


Information about First Pacific can be accessed on:
Web Site:              http://www.firstpacco.com/
E-mail:                [email protected]


                                                                                
                                                                            

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