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

To: ms.smartest.person who wrote (962)	4/3/2001 11:50:01 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

Cable & Wireless launches zero coupon bonds exchangeable for PCCW shares 2001-04-04 Terms and Conditions Cable & Wireless PLC said it has launched an issue of zero coupon bonds exchangeable for Pacific Century CyberWorks Ltd shares. In statement received here, the company said the minimum exchange price has been set at 3.60 hkd per PCCW share. Final details of the terms of the bond issue will be released before or on April 3. If the bonds are not exchanged, they will be redeemed at par on June 9, 2003. C&W said it will raise net proceeds of about 1.5 bln usd from the bond issue. The proceeds will be invested in accordance with its cash management policies. The company has entered into a subscription agreement with UBS Warburg as its sole bookrunner for the bond issue. C&W said the bond issue is in line with its aim to sell its entire 14.7 pct stake in PCCW. It said PCCW has waived the previous lock-up requirement, allowing the company to freely deal with its entire holding in the shares. ra/jw For more information and to contact AFX: www.afxnews.com and www.afxpress.com Terms and Conditions Copyright© 2000 LEXIS-NEXIS, a division of Reed Elsevier Inc. All rights Reserved. quamnet.com