HKT Trust plans $1.01 bln rights issue to reduce debt

HKT Trust and HKT

13/06/2014 02:55

HONG KONG, June 13 (Reuters) - HKT Trust  6823.HK , owned by 
Hong Kong telecom operator PCCW Ltd  0008.HK , said it plans to 
issue $1.01 billion worth of rights to buy trust units, raising 
capital to reduce debt after a deal to buy a mobile telecom 
services provider. 
    HKT Trust said in a statement on Friday it will issue 1.16 
billion rights to buy units in the proportion of 18 units for 
every 100 existing units held. The units will be issued at 
HK$6.84 apiece, representing a 20.65 percent discount to the 
previous close.  ID:nHKS7DgxSK  
    Last December, Australia's biggest phone company Telstra 
Corp  TLS.AX  agreed to sell its Hong Kong mobile phone 
business, CSL New World Mobility Ltd, to the unit of PCCW, a 
company controlled by tycoon Richard Li, in a deal worth $2.4 
billion.  ID:nL3N0JY435  
    Citigroup, Deutsche Bank, Goldman Sachs, HSBC, Morgan 
Stanley and Standard Chartered are joint underwriters of the 
rights issue. 
 
 (Reporting by Donny Kwok; Editing by Kenneth Maxwell) 
 ((donny.kwok@thomsonreuters.com)(+852 2843 6470)(Reuters 
Messaging: donny.kwok.reuters.com@reuters.net)) 
 
Keywords: HKT TRUST RIGHTSISSUE/