PCW - Pacific Century CyberWorks Limited Message Board

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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: pennywise who started this subject	7/12/2001 12:32:08 PM
From: ms.smartest.person	Read Replies (1) of 2248

Pacific Century CyberWorks (PCCW) on Monday began marketing in Hong Kong a $2.5bn bond offering with 10-year and 30-year tranches. July 9 2001 18:58GMT The issue is expected to be the Asian bond market's largest corporate deal from outside Japan this year. Bankers believe that money raised from the issue will be used solely to refinance PCCW's bank debt. The company has been rated Triple B by Standard & Poor's. National Rural Utilities has awarded a mandate for a $1bn, three-year bond to ABN Amro, Lehman Brothers and Bank of America. .... It was reported that Pacific Century Cyberworks's (PCCW) bond issue will include coupon step-up clauses. The coupon would rise by an extra 25bp each time PCCW's credit rating was downgraded. The $2.5bn bond offering from PCCW, Hong Kong's dominant telecommunications provider, comprises 10-year and 30-year tranches. Roadshows for the deal, which is being led by Morgan Stanley, JP Morgan, HSBC and Barclays, took place in London on Tuesday. news.ft.com

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