PCCW Says Mulling Options to Refinance HKT Loans After Ratings
Jul 05, 2001 - 08:49:03 HKT
Quamnet News Service
Pacific Century CyberWorks (0008), Richard Li's Asian communications vehicle, said it is considering certain options to refinance existing loans of its unit PCCW-HKT Telephone Ltd.
This came after Moody's Investors Service and Standard & Poor's assigned a senior unsecured issuer rating of "Baa1" and "BBB" respectively to PCCW-HKT.
"In light of these investment ratings and the current low interest rate environment, the company is considering certain options to partially refinance PCCW-HKT Telephone's existing syndicated loan facilities," it said in a statement.
"However, no firm decision has yet been taken to refinance such facilities," it added.
PCCW-HKT, an indirect wholly-owned subsidiary of the company forming the most significant part of its telecommunications services business, now has US$4.7 billion loan facilities.
PCCW-HKT, the city's leading fixed-line telecommunications network operator, registered a profit of HK$5.879 billion for the year ended March on turnover of HK$15.622 billion, according to PCCW.
Net assets were HK$18.707 billion as at March 31, 2001. Adjusted EBITDA for the year ended March 2001 is HK$8.965 billion, versus HK$8.912 billion a year before. |
