PCCW-HKT: back around the block

Telco raises $404 million from top up placement.

PCCW-HKT returned to the international capital markets for the second time in a week yesterday Wednesday with a 715 million share block trade. The offering was led by Citigroup, which also handled the disposal of a 14% stake by Cable Wireless just over a month ago.

The placement was priced at HK$4.40 representing a 9.27% discount to the stock's HK$4.85 close. This was towards the bottom end of a HK$4.37 to HK$4.56 indicative range and reflected a book, which closed with a fair degree of price sensitivity. At the placement price, it was 1.3 times covered, with participation from 85 accounts.

Because the deal is a...

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