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

To: ms.smartest.person who wrote (982)	4/4/2001 6:04:10 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

C&W exchangeable bonds on PCCW all placed: UBS Warburg 2001-04-05 Terms and Conditions Cable & Wireless PLC has placed all 1.504 bln usd worth of exchangeable bonds convertible to shares in Pacific Century CyberWorks Ltd, an official with lead managers UBS Warburg said. "The exchangeable bonds have been fully subscribed by a broad range of investors, including equity investors, hedge funds and some convertible specialists," the official, who asked not to be named, said. "It was placed out in Europe and Asia," he added. The exchange price of the bond was fixed after London trade last night at 3.60 hkd, at the bottom end of the 3.60-3.80 hkd indicative range, he said. He said the equity investors were "looking at the good value in the bonds", while hedge funds were subscribing to arbitrage against existing positions. He refused to disclose the names of the subscribers and declined to say whether PCCW executive chairman Richard Li or his father, Cheung Kong (Holdings) chairman Li Ka-shing, participated. "It's pure speculation, I can't give you the names," he said. st/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