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Hong Kong Telecom gets $2bn credit facility
06 May 2010
Richard Li’s PCCW has secured a $2.05bn revolving credit deal for its subsidiary Hong Kong Telecommunications from 21 banks
Hong Kong Telecommunications
PCCW, led by Richard Li, has entered into a $2.05 billion revolving credit facility deal for Hong Kong Telecommunications. The financing plan has three tranches, consisting of a four-year $1.02 billion revolving facility, a four-year $386 million term facility and a six-year $643.5 million term facility.
The facility has secured commitments from 21 local and international banks offering over $3.2 billion. The proceeds will be used to refinance $1.05 billion revolving facility and $1 billion term loan of the $3.06 billion facilities inked in September 2008. Both facilities will expire in November 2011.
The coordinating arrangers of the facility include Bank of China (Hong Kong), DBS Bank. HSBC, Industrial and Commercial Bank of China (Asia), the Royal Bank of Scotland, Standard Chartered Bank (Hong Kong), The Bank of Tokyo-Mitsubishi UFJ, Hang Seng Bank, BNP Paribas Hong Kong Branch, Credit Agricole Corporate & Investment Bank, Australia and New Zealand Banking Group, Mizuho Corporate Bank and Oversea-Chinese Banking Corporation. GTB