Parent company of PCCW to issue exchangeable bonds

Pacific Century Regional Developments, the parent company of PCCW (0008), said that it plans to issue a US$250 million exchangeable bond. The bond is due 2006. The bond is exchangeable into PCCW shares. The exchangeable price is $2.29 each share, representing a premium of 4% to today's closing. If the exchangeable bond is fully exercised, the shares represent 3.7% of the issued share capital of the company.

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