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Bulletin: Alaska Communications Systems Holdings Ratings Not Affected By Proposed Acquisition
Standard & Poors, April 2008
Abstract
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.
Action: Bulletin
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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