David Prince Says PCCW Plans to Seek Credit Ratings
Jun 19, 2001 - 14:37:58 HKT
Quamnet News Service
Pacific Century CyberWorks (0008), Richard Li's Asian communications vehicle, is planning to seek credit ratings but has yet to make a final decision, said David Prince, its chief financial officer.
Prince was responding to recent rumors that the company plans to issue bonds and seek credit ratings.
Reach, the IP backbone joint venture between PCCW and Australia's Telstra Corp., as well as PCCW's regional wireless joint venture with Telstra are seeking credit ratings and preparing to issue bonds, Prince said. Though, the seeking of credit ratings is not necessary for Reach as it is a private company, he added.
Reach is reportedly seeking bond financing of between US$500 million and US$1 billion.
As to the PCCW-Telstra joint venture on regional wireless business, Prince said it has no debts for the time being and will raise funds only when it needs to expand its operation.
As the interest rate is lowered, the interest expenditure of PCCW's US$4.7 billion term loan signed earlier this year is about US$280 million to US$300 million, he added.
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