00 HONG KONG (DESKEY 020100Z)
GRS 240
CONFIDENTIAL
DESKBY 320100Z
FM E.C.G.D. 011725Z FEB 73
TO IMMEDIATE HONG KONG
+KK 170/2
PA
R&R.
25
TRED 2
HK&G D
ло
See (26
5
TELEGRAM NUMBER EXCED 085 OF 1 FEBRUARY.
FOR DEREK MARCH FROM M G STEPHENS ECGD
MTRC: METCAM
1. IN ORDER TO ENSURE THAT ALL PARTIES KNOW PRECISELY WHERE THEY STAND FROM THE OUTSET, IT HAS DEEN AGREED THAT THE PROCEDURES CRIGINALLY PROPOSED INVOLVING FULL LOAN DRAWDOWN AT DAY ONE
SHOULD NOT BE PURSUED.
2. LAZARDS ARE NOW AUTHORISED TO OFFER A NORMAL US DOLLAR BUYER
CREDIT TO MTRC WITH USUAL DRAWDOWN FOR PROGRESS PAYMENTS TO METCAM. INTEREST WOULD BE AT THE AGREED 7-3/4 PERCENT FIXED BUT INTEREST ACCRUING PRIOR TO 31 DECEMBER 1982 WOULD BE WAIVED FOR
AN AMOUNT NOT EXCEEDING US DOLLARS 10 MILLION. THIS IS A DIRECT
MATCHING OF THE JAPANESE OFFER AND THE INTEREST RELIEF TO MTRC
WILL BE FIXED AT US DOLLARS 10 MILLION AND NOT SUBJECT IN
ANY WAY TO THE MOVEMENT OF US INTEREST RATES.
3. PLEASE ADVISE THOMPSON OF THE REVISED ARRANGEMENTS WHICH HE WILL WELCOME AS THEY REMOVE ANY DOUBT ABOUT THE EVALUATION OF THE ER ITISH CREDIT TERMS. PLEASE STRESS EXCEPTIONAL NATURE OF THIS CONCESSION WHICH SHOULD BE KEPT STRICTLY CONFIDENTIAL ON A NEED
TO KNOW BASIS. IT IS ONLY POSSIBLE BECAUSE WE ARE MATCHING THE JAPANESE AND IS QUITE UNPRECEDENTED AND WILL NOT BE REPEATED IN
HONG KONG OR ANYWHERE ELSE.
4. KINDERSLEY EXPECTS TO ADVISE ALLUM BY TELEPHONE BEFORE
C200 FRIDAY 2 FEBRUARY HONG KONG TIME.
5. I AM SENDING THIS DIRECT IN THE EXCED SERIES IN VIEW OF THE VERY TIGHT DEADLINE. FUTURE CABLES SHOULD, OF COURSE,
DEST CONTINUS ON THE CREDA NET.