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First Pacific sells $400-M of bonds to pay debt

September 21, 2010 www.abs-cbnnews.com
HONG KONG - Hong Kong's First Pacific Co. said on Tuesday it had sold $400 million of 10-year bonds to pay debt.

The bonds will pay an interest rate of 6.375% annually and will be secured by shares in its unit Philippine Long Distance Telephone Co., First Pacific said in a statement to the Hong Kong stock exchange.

The conglomerate, involved in telecommunications, consumer food products, infrastructure and energy businesses, had hired Standard Chartered Bank and Credit Agricole CIB to manage the deal.

The issue size was raised from a planned $300 million due to strong demand from investors, a source close to the deal said. The sale drew $3.5 billion in orders, allowing the company to price the deal at the tight end of its guidance of up to 6.625%, the source said.

Investors from Asia took the bulk of total debt issued, accounting for 87% and the rest went to investors in Europe. Private banks took 47% of total sales, funds 36%, corporate banks 14% and corporations and others took the balance.

This is First Pacific's second time this year to issue global bonds. It sold $300 million of 7-year bonds in July, which was 5.8 times oversubscribed. The bonds were secured by shares in its Philippine flagship Metro Pacific Investments Corp. and guaranteed by First Pacific.
  • Status
    redeemed
  • Country of risk
    Hong Kong
  • Redemption (put/call option)
    *** (***)
  • Amount
    251,886,000 USD
  • М/S&P/F
    — / — / —
Company — First Pacific
  • Full name
    First Pacific Company Limited
  • Registration country
    Bermuda
  • Industry
    Financial institutions