Details emerge on PCCW refinancing

As the details emerge about PCCW''s mammoth refinancing, it is clear that banks are more concerned about the management than the business of PCCW.

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.

The new refinancing has been split into three tranches. The first is a $1.5 billion three year loan which is priced at 50 basis points bp over Libor. The second...

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