Pacific Century CyberWorks is likely to benefit from a lending market awash with cash as it moves to reduce interest payments on US$6 billion of credit through a refinancing arrangement, according to bankers. The company is in talks with banks to refinance the credit, part of a US$12 billion syndicated loan used to buy Cable & Wireless HKT, sources said yesterday. Bankers expected CyberWorks to secure refinancing terms at a spread of less than 1 per cent above London interbank offered rate because banks are heavy on cash in a period of poor loan demand. Analysts said CyberWorks could save between US$60 million and US$100 million in annual interest from such terms. About US$3 billion of the loan is to be repaid by the merged entity's cash on hand, and US$3 billion will be paid from cash raised from the forming of joint ventures with Australia-based Telstra. Meanwhile, a spokesman at Pacific Century Regional Development (PCRD) - CyberWorks' Singapore parent - said the company would appeal a decision against it by the High Court in Singapore. The court said PCRD was in breach of an agreement with Canadian Imperial Investment in a joint venture car park-development company called Quinliven. The court said PCRD had failed to keep its promise when it sold a 75 per cent stake in Quinliven in April last year without informing the Canadian firm. Canadian Imperial owned the remainder of the venture. PCRD injected the Quinliven stake into Hong Kong-based Tricom Holdings, which was renamed CyberWorks. The court accepted Canadian Imperial's argument it should have received 27.4 million shares of Tricom. Compensation was not set, but the court noted PCRD's arguments that damages should be based on the 68 HK cents value of Tricom shares at the time of the breach.