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First Pacific Cptl (78JZ)

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Monday 05 November, 2001

First Pacific Cptl

New Loan Facility

First Pacific Capital (1997) Ld
5 November 2001

FIRST PACIFIC COMPANY LIMITED

PRESS RELEASE

Monday, 5 November 2001

FIRST PACIFIC ANNOUNCES NEW US$200 MILLION LOAN FACILITY


First Pacific Company Limited today announced that it has secured a HK$1.56
billion (US$200 million), two-year term loan facility from ING Bank NV. This
facility, together with existing internal cash resources and asset disposals
already announced, will be used to repay First Pacific's convertible bonds.


Background:
US$350 million of five-year convertible bonds were issued in March 1997, 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 per cent of face value.


The premium to maturity has been accrued since 1997. Approximately 29 per cent
of the amount originally issued has been canceled to date, with the most
recent transaction effected on 23 October 2001 when First Pacific canceled a
further US$20 million of its bonds.


At present, the outstanding face value is US$248 million and the redemption
payable is US$332 million.




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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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