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	7/22/2001 11:31:00 PM
From: ms.smartest.person	of 2248

PCCW at 52-Wk Low on Heavy Trade After Aborting Bond Issue Jul 23, 2001 - 10:37:22 HKT Quamnet News Service Pacific Century CyberWorks (0008), Richard Li's Asian communications vehicle, wallowed at its 52-week low of HK$2 on worries about its financial prospects after the company aborted its plan to refinance its debt via a bond offering by its unit PCCW-HKT Telephone Ltd. At 10:30 a.m. local time, its shares were down 4.7 percent at HK$2.025. Turnover was HK$30.9 million, already 71 percent of its total last Friday. The stock has already lost 21 percent this month due to uncertainties amid its bond issue plan. It has also fallen some 60 percent so far this year. PCCW, with a negative equity, said it finds potential pricing unattractive at this time in comparison with its existing financing due to present volatile bond market conditions arising from Argentina and other uncertainties in the emerging markets. "PCCW is in sound financial condition and has no immediate need to refinance its debt," it said in a statement. "The management of PCCW will continue to evaluate and assess its refinancing options to seek terms which are favorable and enhance benefit to shareholders." The bond issue is originally expected to reach US$2.5 billion. PCCW had raised the interest rate of the bond to 350 basis points above the treasury bond as at last Friday, but only US$1.2 billion of the bond was subscribed for - 48 percent of PCCW's target, according to the Hong Kong Economic Times, which cited unidentified sources as saying. -------------------------------------------------------------------------------- Copyright 2000 Quam(IA) Limited, All rights reserved

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