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.|