IPBC gets some financial backbone

PCCW and Telstra''s internet backbone JV starts some serious sub-underwriting of its $2 billion loan.

Lead arrangers of the inaugural $2 billion project financing for Internet Protocol Backbone Company IPBC say the sub-underwriting of the loan is going well. Barclays Capital and Chase Manhattan flew into Sydney for seven hours on Monday to make a presentation to 14 banks and then jetted back to Hong Kong today, Tuesday, to make the same presentation to 25 other banks.

These meetings were where the company had a chance to fully explain who and what it is to prospective lenders. The company is a 5050 joint venture between PCCW and Telstra which has assets of around $6 billion. The company has ownership and right of use of over 50 different...

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