PCCW agrees to pay more to keep its bankers happy

PCCW is feeling generous to its bankers by agreeing to pay significantly more for one of its fully underwritten loan facilities.
 

In a move highlighting the value that PCCW puts on its bank relationships, the company has agreed to underwriters' requests to increase the margin spread it will be paying on its $4.7 billion refinancing loan.

HKTC - the Hong Kong fixed line and mobile business subsidiary of PCCW - is raising the money in a three tranche loan with maturities of three, five and seven years. The margin increases are laid out below

Tranche

Amount

Tenor

Margin over Libor increase

A

$1.5 billion

3

Increased from 50bp to 85bp

B

$2.3 billion

5

Increased from 65bp to 115bp

C

$0.9 billion

7

Increased from 80bp to 145...

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