(Hong Kong) – Hong Kong based telco Pacific Century CyberWorks (PCCW) is marketing a HK$5 billion six-year syndicated loan to refinance part of its US$4.7 billion bank debt, according to HSBC.Proceeds of the loan carrying an interest rate of 55 basis points over LIBOR, are to be used in refinancing a portion of PCCW’s five-year tranche of PCCW’s bank debt, extending repayment by two years to 2008 at lower interest levels, partly being achieved by shifting more of the debt into HK dollars and out of US dollars.
HSBC are estimating a 10-day, 10-12 bank build period.