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BULLETIN: GCI Inc. Receives New Loan Commitment
Standard & Poors, Oct 2002
Abstract
Standard & Poor's said today that GCI Inc.'s (BB/Negative/--) recent disclosure that it received a loan syndication commitment for a $225 million bank facility, which the company expects to close in several weeks, does not impact the company's rating and outlook. Proceeds from the new credit facility are anticipated to refinance about $180 million of debt, a large portion of which would have required major amortization starting in late 2002. While the refinancing would alleviate near-term concerns over liquidity, GCI continues to face risks associated with its exposure to WorldCom Inc. and its sizable competitive local exchange carrier business....
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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