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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: ms.smartest.person who wrote (1648)	7/18/2001 1:49:03 PM
From: ms.smartest.person	Read Replies (1) of 2248

Li Says Yet to Decide Size, Rate for PCCW-HKT's Bond Issue Jul 18, 2001 - 11:28:38 HKT Quamnet News Service Richard Li, chairman of Pacific Century CyberWorks (0008), said neither the size nor the interest rate for the planned issue of bonds by its fixed line unit PCCW-HKT Telephone Ltd have been decided. He said the US$2.5 billion that some newspapers said the company planned to raise was merely market speculation. PCCW-HKT reportedly is seeking to issue long-term bonds of US$2.5-3.8 billion to partly refinance the group's US$4.7 billion syndicated loan. PCCW will make a balance between the issue size and interest rate given the recent currency crisis in Argentina, and will not increase the bond issue size even if market demand is high, said Li. PCCW will not consider a maturity of 30 years for the bonds as shorter maturity will mean lower coupon rates, he added. He refused to say whether the bond issue will be priced at 300 basis points above the treasury bond yield. Last week, Moody's Investors Service assigned a Baa1 senior unsecured rating to the proposed US$2.5 billion notes issue of PCCW-HKT, with a stable rating outlook. Standard and Poor's also assigned its 'BBB' issue credit rating to the proposed bond issue - one of the largest in Asia this year. It is likely that PCCW will pay 11-16 percent and 24-37 percent more interest expense in full-year 2001 and 2002 if its planned issue of bonds is priced at 280 basis points above the treasury bond yield, according to a research note by Merrill Lynch last week. Copyright 2000 Quam(IA) Limited, All rights reserved quamnet.com

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