PCCW to Unveil B2C Restructuring, Goodwill Writeoff in 2-3 Wks: Li
Jun 19, 2001 - 13:24:24 HKT
Quamnet News Service
Richard Li, chairman of Pacific Century CyberWorks (0008), said it will unveil the progress in the next two to three weeks on its application with the U.S. securities regulator for making a one-time write-off of goodwill in its financial accounts. PCCW will disclose at the same time details of its B2C business restructuring, Li said.
When asked about recent reports on its bond issue, Li said PCCW will make announcement on the issue at an appropriate time.
Today's South China Morning Post, citing the International Financial Review, as saying that Reach, the IP backbone joint venture between PCCW and Australia's Telstra Corp., is seeking bond financing of between US$500 million and US$1 billion to retire part of the debt it signed for in March. The Chinese newspaper also cited debt markets newsletter Basis Point as reporting that four banks Barclays Capital, HSBC, JP Morgan and Morgan Stanley, were jointly mandated to lead the proposed international fixed-rate bond for PCCW which it said was looking to raise between US$2 billion and US$3 billion.
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