Still waiting for PCCW refinancing

The market awaits details of PCCW''s refinancing as the company misses its Friday deadline. Rumours abound.

Rumours surrounding the status of the $4.7 billion refinancing of PCCW's bridging loan have dominated Hong Kong's capital markets on Monday. The company has missed a self-imposed deadline of last Friday to secure the new round of financing and investors are starting to worry that the refinancing might be more expensive than first thought. PCCW shares traded down HK$0.35 - or almost 6% - to close at HK$5.90 on Monday.

PCCW originally sent out a request for proposals with some fairly aggressive requirements. PCCW wants the facility split into three tranches of three year, five year and seven year maturities with bullet repayment of each tranche. It is offering an...

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