Citic bond sale to fund CTM takeover

19 Feb 2013

Chinese state-backed, Hong Kong-based telco Citic Telecom International is planning a US dollar-denominated bond sale to help pay for its takeover of a controlling stake in Macau’s monopoly fixed line operator Companhia de Telecomunicacoes de Macau (CTM), reports Macau Daily Times. Citic has hired Deutsche Bank, Standard Chartered and UBS to arrange the offering, according to a regulatory filing, to help finance the purchase of a 79% stake from Cable & Wireless Communications and Portugal Telecom to add to Citic’s existing minority stake in CTM.

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