First Pacific buys back $39.81 million 2% convertibles

New York, Jan. 8 - First Pacific Co. Ltd. said it bought back $39.81 million of its outstanding convertibles bonds at a cost of $53 million on Monday.

Following the repurchase, the Hong Kong-based investment and management company now has $207.964 million face amount of the bonds outstanding and the redemption amount payable is now $279 million, down from $332 million previously.

First Pacific sold $350 million of the 2% five-year convertibles in March 1997 through its First Pacific Capital (1997) Ltd. unit. The bonds can be converted until March 2002 at HK$12.25 per share and are redeemable at 134% of face value.

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