PCCW-HKT, Banks Sign US$4.7B 3-Tranche Loan Facility
Updated: Friday, January 19, 2001 05:08 AM ET
HONG KONG (Dow Jones)--Pacific Century CyberWorks-Hong Kong Telecom (PCW, news, msgs) and 17 banks signed Friday a three-tranche term loan facility worth US$4.7 billion, the banks said Friday.
The facility consists of one US$1.5 billion three-year tranche carrying an interest rate of 85 basis point over the London Interbank Offered Rate, one US$2.3 billion five-year tranche carrying an interest rate of 115 basis points, and a US$900 million seven-year tranche carrying an interest rate of 145 basis points.
The facility can also be made in Hong Kong dollars, in which case the interest margin will be 10 basis points higher than the U.S. dollar interest rates.
The 17 senior lead arranging banks are: Bank of China (Q.BCH, news, msgs), Barclays Bank PLC (U.BCY, news, msgs), Chase Manhattan Bank (JPM, news, msgs), The Fuji Bank, Hang Seng Bank Ltd. (H.HSB, news, msgs), The Bank of East Asia Ltd. (H.BEA, news, msgs), Bayerische Landesbank Girozentrale (G.BLG, news, msgs), The Industrial and Commercial Bank of China (H.ICM, news, msgs), Standard Chartered Bank (U.STA, news, msgs), The Hongkong and Shanghai Banking Corporation Ltd. (HBC, news, msgs), Banca Commerciale Italiana S.p.A. (I.BAN, news, msgs), The Bank of Nova Scotia Asia Ltd. (T.BNS, news, msgs), Credit Agricole Indosuez (F.BAN, news, msgs), The Sakura Bank (J.MUB, news, msgs), The Sanwa Bank (J.SWB, news, msgs), The Industrial Bank of Japan (JD, news, msgs-IBJ), The Dai-Ichi Kangyo Bank (JD, news, msgs-DKB).
CyberWorks will use the proceeds to refinance the bridge loan it had taken out last year to finance the acquisition of Cable & Wireless HKT Telephone Limited as well as for general working capital, the banks said.
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