Pacific Century CyberWorks is to restart its long-stalled financing for the CyberPort development in Pokfulam with the proposed loan cut by more than 66 per cent. CyberWorks is expected to raise between US$200 million to US$300 million - a huge cut from its original target of HK$7 billion last year - at a tenor of seven years, according to weekly capital magazine basis point. Terms had not been finalised, it said. However, 'banks are unlikely to accept a non-recourse deal given the current sentiment towards telecoms and information technology projects'. 'The deal could be structured with a guarantee from CyberWorks or PCCW-HKT Telephone itself; with the latter the deal would be relatively low priced,' it said. Relationship banks were likely to be asked to arrange the deal, it said. In January, HSBC, JP Morgan, Barclays Capital, BOCI Capital and Mizuho Financial Group signed a US$4.7 billion refinancing deal for CyberWorks. Information Technology and Broadcasting Bureau deputy secretary Annie Tam Kam-lan said CyberWorks had not contacted the bureau about using the development rights of CyberPort as collateral for a loan. Ms Tam said CyberWorks needed to sign an agreement with the Government if it chose to use its exclusive development rights to seek project financing. 'We have not received any request from CyberWorks at the moment,' she said. The bureau would not interfere if CyberWorks sought financing through the syndicated loan market. It would be like any other borrowing activity between a company and banks, Ms Tam said. The bureau had been closely monitoring CyberWorks' financial position, checking its accounts monthly. It also required CyberWorks to provide a quarterly guarantee report, issued by an independent bank, to ensure its cash position was sufficient for a six-month operation. Ms Tam said that, so far, CyberWorks' financial position was sound.