CyberWorks borrows US$12b to purchase HKT
hongkong1.cnet.com
By Bloomberg, CNET News.com
Saturday, March 04 2000
HONG KONG--Pacific Century CyberWorks Ltd, Asia's third-largest Internet investment firm, is borrowing US$12 billion from four banks to help pay for its acquisition of Cable & Wireless HKT Ltd, the biggest loan of its kind in Asia.
Barclays Plc, Bank of China, HSBC Holdings Plc and Banque Nationale de Paris SA said CyberWorks will borrow the money for 364 days, with an option to extend part of it for a further two years.
The US$12 billion "is available to meet the cash portion of the offer and as additional general working capital," the banks said in a statement.
CyberWorks, Richard Li's 10-month-old Internet investment company, agreed earlier this week to pay as much as US$38.1 billion in shares or a cash-and-stock offer of US$35.9 billion for Cable & Wireless plc's entire 54 percent in HKT.
On February 11, CyberWorks announced that its too intended to merge with HKT, although Singapore Telecom had been in talks with HKT's UK parent, C&W, since November.
Yesterday, SingTel said it may reconsider its decision to pullout from its failed merger bid with HKT. |
