CyberWorks May Reduce $2.5 Billion Bond Sale by 40%, Paper Says
By Paul Scanlon
Hong Kong, July 20 (Bloomberg) -- Pacific Century CyberWorks Ltd., Hong Kong's biggest phone company, may cut the size of its planned bond sale by 40 percent due to weak demand, the South China Morning Post reported, citing unidentified people.
CyberWorks may cut the sale of 10-year bonds by as much as $1 billion from $2.5 billion, the paper reported, citing the same unidentified people, adding the cut may happen today.
``Bond investors do not like the telecoms industry, and many hold a pessimistic view on Asia too,'' the newspaper quoted an unidentified person as saying.
CyberWorks, which has lost more than half its value this year, is selling the bonds to extend the maturity on part of a $4.7 billion loan used to pay for its $28 billion purchase of Hong Kong's former telephone monopoly. The company scrapped plans to sell 30-year bonds earlier this week.
(South China Morning Post 7-20, Business p. 2. See {CNMP } for the paper's Web site.) |
