PSE Circular for Brokers No. 2507-99
PSE Circular for Brokers No. 2507-99 • Philippine Stock Exchange • Circulars for Brokers • Oct 5, 1999
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October 5, 1999 PSE CIRCULAR FOR BROKERS NO. 2507-99 04 October 1999 Press Release Metro Pacific To Issue 3-year Convertible Notes For Nenaco Debts Negros Navigation Co., Inc. ("Nenaco") announced today that Metro Pacific Corporation ("MPC") will issue Pesos 1.3 Billion in three year convertible notes ("Notes"), subject to the Securities and Exchange Commission approving an exemption from registration. The Notes will be issued to certain creditors of Nenaco as part of Nenaco's program to improve the profile of its debt capital. The notes will carry a 9.5 percent coupon payable semi-annually in arrears and in cash; the conversion price has been fixed at Pesos 2.2455 per share. The proceeds of the Convertible Notes are to be advanced by MPC in full to Nenaco and, in turn, used to pay down its debts. The debt swap reinforces MPC's commitment to Nenaco and its ongoing efforts to transform the Company into a financially and operationally sound business as it continues to face a highly competitive environment, particularly in the traditional coastwise ferry sector. The issue will significantly enhance Nenaco's balance sheet while having no impact on MPC's consolidated debt position. For further details please contact: Mr. Robin M. Arrowsmith Director Negros Navigation Co., Inc. (034) 433-4949
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