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PCCW to raise $300m in bond sale
19 August 2010
PCCW, Hong Kong’s largest operator, is to raise $300m in its first sale of bonds for five years
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PCCW
bond sale
HSBC
Morgan Stanley
Royal Bank of Scotland
Standard Chartered
Hong Kong’s largest telecoms operator, PCCW, is planning to sell notes worth $300 million. The company has hired HSBC Holdings, Morgan Stanley, Royal Bank of Scotland and Standard Chartered Bank to manage the sale, according to reports from Hong Kong.
The fixed-line telecom operator may issue the 5.5-year bonds at a spread of between 295 and 300 basis points.
The offering would be the company’s first sale since July 2005, when it sold bonds worth $500 million. The bonds, maturing in 2015, carried a coupon rate of 5.25% and were priced to yield 4.134%.
PCCW is offering more multimedia services, including video and music, to attract higher-spending users. GTB