All eyes on PCCW refinancing

Refinancing of the PCCW loan is continuing apace, with underwriters scrambling for the chance to back a fresh facility.

The Asian capital markets are once again watching PCCW in anticipation of the successful refinancing of $4.1 billion of the firm's $12 billion bridging loan. Officials at PCCW have already said they have basically closed the books on the new loan, although they are a bit coy about the details. A final announcement is due this Friday, November 10.

According to sources close to the deal, PCCW originally invited eight banks to underwrite the new loan. It was quite bullish in the terms that it attached to the loan. PCCW wants the facility split into three tranches of three year, five year and seven year maturities with bullet repayment of each tranche. It...

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