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BULLETIN: GCI Inc. to Acquire 85% Stake in Alaskan Fiber-Optic Cable System
Standard & Poors, Feb 2001
Abstract
Corporate Credit Rating: BB/Stable/-- Standard & Poor's said today that GCI Inc.'s acquisition of an 85% stake in an Alaskan fiber-optic cable system from WorldCom Inc. for about $10 million in stock has no effect on the company's credit rating or outlook. The credit impact of the acquisition's cost and capital spending associated with the rebuild of the system have already been incorporated into GCI's ratings. After the Regulatory Commission of Alaska approves the transaction, GCI will issue shares of a new series of Class C preferred stock to pay for the acquisition. The stock is convertible at $12 per share into GCI Class A common stock. The new series is non-voting and pays a quarterly cash dividend of 6%...
Companies mentioned in this report are: GCI Inc.
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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