PCCW-HKT asks for second credit line in two months

3 Nov 2003

PCCW-HKT, Hong Kong’s dominant provider of integrated communications, is seeking HKD4 billion (USD510 million) in debt financing, just two months since agreeing its last financing deal, according to local media reports. PCCW-HKT has apparently sent indicative term sheets to a number of banks asking for a five-year revolving credit line, as it seeks to refinance outstanding bilateral loans. The telco completed a HKD2.8 billion, two-tranche deal in August, but is struggling to reduce its USD3.8 billion net debt, mostly incurred when it bought out the city’s former monopoly wireline telco Hong Kong Telecom in 2000.

Hong Kong