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C&P Homes says plan to issue shares, notes for $133.45 million floaters within stock exchange rules
By Jennifer Chiou
New York, Feb. 12 - C&P Homes, Inc. informed The Philippines Stock Exchange, Inc. that because no single holder or group of holders of the floating-rate notes issued by subsidiary C&P Homes International Ltd. in 1997 will be entitled to receive a number new shares that will make up 10% of its outstanding stock, its previously announced plan to reacquire the notes does not violate listing rules, according to a response to an inquiry relating to the exchange's revised rule on additional listing of shares.
As of Dec. 31, there was $133,473,230 of the guaranteed notes outstanding.
The company said it will acquire the floaters and, in exchange, issue new dollar-denominated notes with a 15-year term as well as new C&P shares issued at PHP 8.00 per share.
C&P said it will acquire the notes at par plus interest accrued until Dec. 31, 2005, which amounts to $42,938,338 for interest.
For each $1,000 principal amount of notes exchanged, investors will receive 5,943 new shares.
Holders have until Feb. 22 to approve the plan and submit exchange requests.
New shares and notes will be issued on March 9.
The company's board decided to go ahead with a plan to reacquire the notes on Feb. 9.
Based in Las Piņas City, Philippines, C&P invests and purchases real and personal property.
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