Business Brief -- BANK OF HAWAII: Convertible Notes Valued At $22 Million Are Bought

Bank of Hawaii, Honolulu, said it purchased $22 million of convertible notes from the Bank of Queensland in Australia. As part of the deal, the two banks said they will share expertise and facilities in such areas as products and services. Under the terms of the deal, the Bank of Queensland will issue convertible notes at a U.S. price of about $4 each. The notes will bear an interest rate of 6.375%. If not converted into ordinary shares, the notes will be repayable on Nov. 23, 2007.