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Technology Stocks : Pacific Century CyberWorks (PCW, PCWKF)
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To: ms.smartest.person who wrote (4431)1/10/2001 12:47:47 AM
From: ms.smartest.person  Read Replies (1) of 4541
 
14:27 09-JAN-2001 PCCW, Telstra JV interest costs up US$300m per yr

Lead arrangers Barclays Capital and Chase Manhatthan Bank have issued a joint announcement saying that Pacific Century CyberWorks (PCCW) (0008-HK) and Australia's Telstra will pay a higher interest in the US$1.5 billion financing for their Internet Protocol (IP) backbone joint venture. The rates involved were increased by 0.55 pct on average. The financing may be completed in the middle of the month.

Analysts expect that PCCW will be paying US$3 million (HK$23.4 million) more per year in interest, but that is unlikely to affect its financial health. They are more concerned the influence on the group's future fundraising activities.

(End)


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