Metro Pacific to Issue Pesos 200 Million of Three Year Convertible Notes
PSE Circular for Brokers No. 2828-99 • Philippine Stock Exchange • Circulars for Brokers • Nov 8, 1999
Full text
November 8, 1999 PSE CIRCULAR FOR BROKERS NO. 2828-99 METRO PACIFIC TO ISSUE PESOS 200 MILLION OF THREE YEAR CONVERTIBLE NOTES Metro Pacific Corporation (Metro Pacific) announced today that it will issue an additional Pesos 200 million of its three-year convertible notes to certain creditors of Negros Navigation Company, Inc. (Nenaco) as part of the latter's program to improve its debt profile. The notes will carry a 9.5 per cent 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 in full to Nenaco and, in turn, used to pay down its debts. The debt swap strengthens Metro Pacific's commitment to Nenaco in its continued undertaking to restructure its shipping industry into a financially and operationally sound business.
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