The Perpetual Amcor Convertible Reset Securities (PACRS) are fully paid, perpetual, non-cumulative, subordinated, convertible, reset, unsecured notes. A non-cumulative interest coupon is paid semi-annually, in April and October, subject to the terms of the issue.
There have been 2 series of PACRS – PACRS (or PACRS1) and PACRS2. The details of these 2 series are as follows:
| Size | Issue date | Coupon | First reset date | Status | |
|---|---|---|---|---|---|
| PACRS | A$ 400m | May 2001 | 8.5733% | 30 April 2006 | On 28 April 2006, the Amcor issuer repurchased 3,434,736 of the PACRS1 for $105.2632 each. The remaining 565,264 PACRS1 were converted to ordinary shares in Amcor Limited on the basis of 14.4861 shares per PACRS1 note. |
| PACRS2 | A$ 210m | May 2002 | 8.5700% | 30 April 2007 | On 30 April 2007, the Amcor issuer repurchased 1,901,814 of the PACRS2 for $105.2632 each. The remaining 197,273 PACRS2 were converted into ordinary shares in Amcor Limited on the basis of 14.0670 shares per PACRS2 note. |
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