Pacific Century CyberWorks (PCW, PCWKF) Message Board

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Technology Stocks : Pacific Century CyberWorks (PCW, PCWKF)

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To: ms.smartest.person who wrote (4381)	1/7/2001 9:29:23 PM
From: ms.smartest.person	Read Replies (1) of 4541

Banks raise interest rates on PCCW syndicated loan HONG KONG, Jan 5 (AFP) - Hong Kong telecoms and Internet company Pacific Century CyberWorks (PCCW) will pay higher interest rates on its 4.7 billion US dollar refinancing loan than originally agreed, the loan arrangers said Friday. The banks said the higher rates would ensure the success of the syndicated loan in the face of weakening sentiment towards telecommunications companies. There have been reports in recent weeks that the arrangers were having problems in completing the syndication. PCCW will now pay up to between 0.35 and 0.65 percentage points more in interest on the three loan tranches than originally agreed. The loans are for the refinancing of remaining loans taken by the Richard Li-controlled company to finance the acquisition of Cable and Wireless Hong Kong Telecom last year. "The increase in interest margin will ensure the facility is attractive to a broader international syndication group and will lead to a successful and early closing of the syndication," the statement by the banks said. "The five coordinating arrangers expect to finalise the arranger group shortly with general syndication to be commenced immediately thereafter." The five coordinating arrangers are Barclays Capital Asia, BOCI Capital, Manhattan Asia, Fuji (Mizuho Financial Group) and the Hong Kong and Shanghai Banking Corp. -------------------------------------------------------------------------------- english.hk.dailynews.yahoo.com

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