Telstra $1.5 billion bond on cards if PCCW deal proceeds

Telstra has secured some $3 billion of new financing since the start of June and $1.5 billion more is planned if, as expected, it proceeds with a $3 billion investment in Pacific Century CyberWorks.

Telstra could be issuing a $1.5 billion bond as early as October if, as planned, it forms a strategic alliance with Pacific Century CyberWorks PCCW. Under the terms set out in a memorandum of understanding MoU signed in April, the two companies intend to form internet protocol backbone and mobile phone joint ventures. Telstra would invest $3 billion û $1.5 billion in the joint ventures and $1.5 billion in a convertible note to be issued by PCCW.

Telstra Treasurer Cliff Davis says the strategic alliance is conditional upon PCCW completing its acquisition of Cable Wireless HKT, scheduled to take effect on 17 August, and the outcome of on-going...

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