Details emerge on PCCW refinancing

Size, security and a large dollop of fees ensured that PCCW's refinancing has crossed the first hurdle of securing a lead arranging and underwriting group. The five banks who are leading the deal - Barclays Capital, Chase, Mizuho Holdings, HSBC and Bank of China - now face the difficult task of closing general syndication before February 2001. That is the date when the original bridging loan, taken out by PCCW to finance its purchase of Hong Kong Telecom, is due to be repaid.