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Technology Stocks : PCW - Pacific Century CyberWorks Limited
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To: ms.smartest.person who wrote (1339)6/4/2001 9:43:41 PM
From: ms.smartest.person  Read Replies (1) of 2248
 
CyberWorks to Sell $2 Bln Bond to Cut $4.7 Bln Debt, Paper Says
By Cathy Chan

Hong Kong, June 5 (Bloomberg) -- Pacific Century CyberWorks Ltd., Hong Kong's biggest phone company, plans to sell $2 billion in bonds to extend the repayment period of $4.7 billion in debt, Hong Kong Economic Times said, citing unidentified people.

CyberWorks' fixed-line phone unit hopes to complete the bond sale in the third quarter of this year and has appointed Morgan Stanley Dean Witter & Co. and JP Morgan Chase & Co. as arrangers, the paper said.

Under an agreement with banks banks, CyberWorks must repay $1.5 billion after the third year of the pact, and pay $2.3 billion in the subsequent two years, the paper said.

A group of banks signed a refinancing agreement in mid-June with CyberWorks guaranteeing $4.7 billion in funds the company needs to help repay a $9 billion loan due in February.

(Hong Kong Economic Times 05-6, p. 4)
quote.bloomberg.com
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