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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: ms.smartest.person who wrote (9)	1/11/2001 10:59:20 AM
From: ms.smartest.person	Read Replies (1) of 2248

Hong Kong CyberWorks:Higher Rates On Loans Put No Extra Pressure Thursday January 11 3:35am Source: Dow Jones HONG KONG -(Dow Jones)- The increase in interest rate margins for two of Pacific Century CyberWorks' (PCW) loans will not put additional financial pressure on the company, Deputy Chairman Francis Yuen said Thursday. "(Our) financial pressure is about the same," Yuen said. "The effect (of rising rates on the loans) is offset by the rate cut," he added. Hong Kong commercial banks last week lowered their key savings rate by 50 basis points to match a rate cut in the U.S. CyberWorks Friday increased the interest rate for a US$4.7 billion syndicated loan to refinance its takeover of Cable & Wireless HKT, due to tepid response among banks. Tuesday, it also raised the rate for a US$1.5 billion loan for its 50-50 Internet Protocol joint venture with Australia's Telstra Corp. (TLS). The two loans will be completed by Feb. 15, and the two joint ventures with Telstra, which include an IP backbone and a mobile company, will be set up around that time, Yuen said. He said the listing timetable of the two joint ventures will be decided when the new companies are set up. This is a change from its plan in October to spin off the two companies and list them in 12 to 18 months. CyberWorks in Sept. 1999 signed a HK$350 million share swap agreement with U.S. CMGI Inc. (CMGI). However CyberWorks hasn't decided whether it will make a provision for a loss in CMGI's share price. CyberWorks has cash of US$1.4 billion on hand. Most of it will be used to pay debt, Yuen said. -By Sonia Tsang, Dow Jones Newswires; 852-2802-7002; sonia.tsang@dowjones.com (This story was originally published by Dow Jones Newswires) Copyright (c) 2001 Dow Jones & Company, Inc. All Rights Reserved Copyright (C) 2001 Dow Jones & Company, Inc. All Rights Reserved.

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