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

To: ms.smartest.person who wrote (1395)	6/12/2001 11:18:19 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

HK PRESS: PCCW Plans To Offer US$2.9B Bond To Retire Debt June 11, 2001 Dow Jones Newswires HONG KONG -- Pacific Century CyberWorks Ltd. (PCW) is planning to arrange a bond offering of at least US$2.9 billion to pay off part of a debt it took on earlier this year to refinance outstanding loans, the South China Morning Post reports, citing a banking source close to the deal. The size of the offering, which will be priced in the third quarter, was increased by nearly 50% from US$2 billion amid increased confidence in PCCW's ability to raise capital in the debt markets, the source told the Post. PCCW took US$4.7 billion in bridge financing earlier this year for its US$12 billion outstanding loan from its takeover of Cable & Wireless HKT in 2000. JP Morgan Chase & Co. (JPM), HSBC Holdings Ltd. (HBC) and Barclays Capital, three of five members of the syndicate that arranged the US$4.7 billion debt refinancing, have been appointed joint coordinators on the latest bond offering, the paper said. Morgan Stanley will be global coordinator, it said. Last week, a PCCW spokeswoman declined to comment on a similar report indicating PCCW planned a US$2 billion bond offering. The spokeswoman couldn't be reached for comment early Thursday. Also last week, a source at JP Morgan denied it was involved in a new bond offering, noting that PCCW's loans don't mature for at least three years meaning it has no pressing need to cover the debt. Newspaper Web site: scmp.com -By Hong Kong Bureau, Dow Jones Newswires; (852) 2802 7002 -------------------------------------------------------------------------------- URL for this Article: interactive.wsj.com -------------------------------------------------------------------------------- Copyright © 2001 Dow Jones & Company, Inc. All Rights Reserved. Printing, distribution, and use of this material is governed by your Subscription Agreement and copyright laws. For information about subscribing, go to wsj.com Used with permission of wsj.com