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Technology Stocks : Pacific Century CyberWorks (PCW, PCWKF)
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To: ms.smartest.person who wrote (4430)1/10/2001 12:46:05 AM
From: ms.smartest.person  Read Replies (1) of 4541
 
09:43 09-JAN-2001 PCCW (0008-HK) to pay extra $47m/yr for JV loan interest

J.P. Morgan Chase and Barclays International Funds Asia, lead arranger banks for Pacific Century CyberWorks' (PCCW) IP backbone with Telstra, said after a discussion with PCCW that they have decided to increase the interest spread for the US$1.5 billion refinancing loan for the IP backbone joint venture by an average of 40 basis points (based on HIBOR or LIBOR), according to the Hong Kong Economic Times. Details will be announced today at the earliest.

The IP backbone joint venture loan was divided in parts with terms at three years, five years and seven years (most were five-year). Interest spread reached 85 basis points together with charges. So, raising it by 40 basis pts will take the spread to 1.2 pct, which will cost the company an extra $47 million.

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