By Paul A. Harris
St. Louis, Aug. 12 - Citizens Communications Co. remarketed $56.74 million of its 6¾% senior notes due Aug. 17, 2006 (Ba3/BB+) at 103.142 on Thursday, resulting in a 5.12% yield, according to a market source.
The company remarketed the notes it issued in June 2001 as part of an equity unit comprised of the senior note and a common stock purchase contract.
The units priced at $25 par.
Morgan Stanley was the remarketing agent.
Proceeds will be used to satisfy the equity unit holder's obligations under the common stock purchase contracts, as well as for fees.
The Stamford, Conn., company provides wireline communications services to rural areas and small- and medium-sized towns and cities as an incumbent local exchange carrier.
| Issuer: | Citizens Communications Co.
|
| Amount: | $56.74 million
|
| Maturity: | Aug. 17, 2006
|
| Security description: | Units comprised of senior notes and common stock purchase contracts
|
| Remarketing agent: | Morgan Stanley
|
| Coupon: | 6¾%
|
| Issue price: | 103.142
|
| Share price: | $25 par
|
| Yield: | 5.12%
|
| Spread: | 260 basis points
|
| Pricing date: | Aug. 12
|
| Settlement date: | Aug. 17, 2004, flat
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB+
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
