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Bulletin: Alaska Communications Systems Holdings Ratings Not Affected By Proposed Acquisition
Standard & Poors, April 2008
NEW YORK (Standard & Poor's) April 3, 2008--Standard & Poor's Ratings Services said today that its ratings and outlook on Anchorage, Alaska-based Alaska Communications Systems Holdings Inc. (ACS) (B+/Stable) are not immediately affected by the company's proposed acquisition of Crest Communications Corp. for $70 million and its subsequent offering of $100 million of convertible notes due 2013 under rule 144A without registration rights. Proceeds from the notes will be used to fund the company's fiber build to the lower 48 states, as well as the Crest acquisition, which will give ACS redundant undersea fiber services. Our rating and outlook already incorporated the expectation that leverage would increase to the low 4x area from about 3.3x at year-end 2007. Longer-term, we...
Companies mentioned in this report are: Alaska Communications Systems Holdings Inc.,GCI Inc.
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Alaska Communications Systems Holdings Inc.,GCI Inc.