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Technology Stocks : PCW - Pacific Century CyberWorks Limited -- Ignore unavailable to you. Want to Upgrade?

To: ms.smartest.person who wrote (71)	1/15/2001 2:20:25 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

[Evening Digest] 7 banks committed to PCCW's refinancing loan deal Seven banks have so far committed to the US$4.7 billion refinancing term loan for Pacific Century CyberWorks (PCCW,8) after margins on the deal were raised last week. The Bank of East Asia (23) , the Industrial and Commercial Bank of China (ICBC) and Bayerische Landesbank have joined Barclays, Chase Manhattan, HSBC, BOCI and the Mizuho Financial Group as equal status arrangers on the facility, which refinances PCCW's acquisition loan for Hong Kong telecom Cable & Wireless HKT. ICBC is committing US$400 million, and Bayerische Landesbank and the Bank of East Asia are both committing US$300 million. Four banks have also joined the syndicate: Sakura Bank, Sanwa Bank and Bank of Nova Scotia have each committed US$150 million, BCI Bank pledged US$175 million. Market reaction to the loan before the repricing on January 5 had been frigid, with bankers citing narrow pricing and poor global lending appetite for telecom debt. Under the repricing, the US$1.5 billion, three-year tranche will offer a margin of 85 basis points above LIBOR instead of 50 basis points. The margin on the US$2.3 billion five-year tranche has been raised to 115 basis points from 65, and the US$900 million seven-year tranche now pays 145 instead of 80. Top level participants are expected to sign the deal next Friday, with general syndication to follow immediately. Separately, syndication on the US$1.5 billion term loan for PCCW's Internet Protocol backbone joint venture with Telstra Corp, is also expected to wrap next Friday. Margins on the PCCW-Telstra loan were raised this week because of initial lukewarm market response. Eight banks are known to have committed to the joint venture loan, with a couple more said to be mulling the new yields. The deal will not go into general syndication. 36.com@@@@0405689360.0979586247@@@@&BV_EngineID=daljlhkejijbedbgcgcjg.0&oid=538785631