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

To: ms.smartest.person who wrote (119)	1/19/2001 9:06:53 PM
From: ms.smartest.person	Respond to of 2248

Banks Sign Loan Facility With PCCW-Telstra IP Backbone JV Updated: Friday, January 19, 2001 05:26 AM ET HONG KONG (Dow Jones)--Barclays Capital Asia Limited (U.BCY, news, msgs) and Chase Manhattan Asia Limited (JPM, news, msgs) and IP Backbone Company, the internet infrastructure joint venture between Pacific Century CyberWorks Ltd. (PCW, news, msgs) and Telstra Corp. (TLS, news, msgs), Friday signed an agreement for a US$1.5 billion loan facility. The banks said in a joint statement that they have formed the lead arranging group for the US$1.5 billion loan to IPBC, which will also include Citibank (C, news, msgs), Credit Suisse First Boston (Z.CSF, news, msgs), Rabobank Hong Kong Branch (N.RBK, news, msgs), The Hongkong and Shanghai Banking Corporation Ltd (HBC, news, msgs), The Sanwa Bank (J.SWB, news, msgs), Hong Kong Branch and UBS Warburg (Z.UBS, news, msgs). The banks added that more banks are likely to join the syndicate before the transaction closes. The drawdown of the facility is scheduled for Jan. 30, the banks said, meaning that's when the company intends to use the loan to complete the formation of the joint venture. The venture was formed in October to fuse some of the two companies' undersea cable assets and had originally planned to take out a US$2.0 billion loan. The loan was subsequently downsized at the company's request, saying that they didn't need the extra US$500 million. As reported, the US$300 million three-year tranche carries a 75 basis point interest rate above the 3 month London Interbank Offered Rate. The margin on the US$825 million five-year tranche is 105 basis points over LIBOR and the $375 million seven-year tranche will carry an interest rate of 135 basis points over LIBOR. quicken.com