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... | ||
