Hong Kong communications group PCCW’s core telecoms division HKT has announced that it will launch a rights issue with the aim of raising USD998 million to refinance borrowings including debts incurred via the recent USD2.43 billion acquisition of domestic rival CSL New World Mobility. HKT, 63% owned by PCCW, has around USD3.9 billion in total debt, according to Bloomberg. The rights issue is being underwritten by Citigroup, Deutsche Bank, Goldman Sachs, HSBC, Morgan Stanley and Standard Chartered. Investors will be able to buy 18 stapled securities for every 100 they already own at a subscription price 21% below 11 June’s closing price. PCCW will fully subscribe to new shares.
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