C&W exchangeable bonds on PCCW all placed: UBS Warburg
2001-04-05
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Cable & Wireless PLC has placed all 1.504 bln usd
worth of exchangeable bonds convertible to shares in Pacific Century CyberWorks
Ltd, an official with lead managers UBS Warburg said.
"The exchangeable bonds have been fully subscribed by a broad range of
investors, including equity investors, hedge funds and some convertible
specialists," the official, who asked not to be named, said.
"It was placed out in Europe and Asia," he added.
The exchange price of the bond was fixed after London trade last night at
3.60 hkd, at the bottom end of the 3.60-3.80 hkd indicative range, he said.
He said the equity investors were "looking at the good value in the bonds",
while hedge funds were subscribing to arbitrage against existing positions.
He refused to disclose the names of the subscribers and declined to say
whether PCCW executive chairman Richard Li or his father, Cheung Kong
(Holdings) chairman Li Ka-shing, participated.
"It's pure speculation, I can't give you the names," he said.
st/jw
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