Transpacific may buy back 6.75% convertibles prior to put date

By Angela McDaniels

Tacoma, Wash., Oct. 25 - Transpacific Industries Group Ltd. is considering buying back some or all of its A$309.1 million outstanding 6.75% subordinated convertible notes due 2014 prior to their Dec. 7, 2012 put date, according to a company news release.

The company is pursuing a refinancing package aimed at simplifying its capital structure and reducing its borrowings and interest expense.

Also included in the package is a new A$1.53 billion credit facility, which will replace the company's A$1.44 billion facility, and the sale of up to A$309 million of stock through a renounceable entitlement offer, A$260 million of which will be underwritten.

The entitlement offer is expected to settle by Nov. 30.

Convertible holders can contact Macquarie Securities Group's Roland Sharman at 852 3922-2095 or Roland.Sharman@macquarie.com.

Transpacific is a waste management firm based in Milton, Australia.

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