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

To: ms.smartest.person who wrote (938)	4/2/2001 6:36:47 AM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

C&W issues PCCW bonds save US$200M interest exp 2001-04-02 16:14 (Infocast News) It is anticipated that Cable & Wireless (C&W) can save interest expense at a maximum amount of US$200 million given its issue of 6% PCCW (0008) convertible bonds amounting to US$1.5 billion. On the basis of the US$1.5 billion ($11.7 billion) cash received from the proposed issue of PCCW (0008) exchangeable bonds and the minimum conversion price of $3.6 per share, C&W hoped to issue the said zero-coupon bonds at par value. Yet it is said that only investors of derivatives but bond investors will be attracted if the discount is not substantial enough and that it arouses concern if those investors of derivatives will be able to acquire those bonds completely. C&W said it can cash US$1.5 billion by the sale of exchangeable bonds of PCCW. The conversion price is at a minimum of $3.6 each, which represents a premium of 17% over the share price of PCCW at $3.075 before share trading suspension. The notes are zero-coupon notes. They will be matured on June 9, 2001. infocastfn.com