NEW YORK-Globalstar Telecommunications Ltd. plans additional financing to help build and launch 56 low-earth-orbit satellites for digital wireless voice and data service covering most of the world by mid-to-late 1998.Headquartered in New York, Globalstar is a limited partnership led by Loral Space & Communications...
NEW YORK-Global telecommunications deregulation may be auspicious, but on behalf of bondholders, Moody's Investors Service Inc. remains suspicious.A day before negotiators at the World Trade Organization approved Feb. 15 a trail-blazing agreement to deregulate international telecommunications markets, the New York-based rating agency downgraded the...
NEW YORK-Corporate bond default rates likely will rise moderately in 1997 after falling in 1996 to their lowest level in 15 years, according to Moody's Investor's Service Inc.Last year, 1.6 percent of speculative grade debt issuers defaulted, less than half the 3.3 percent amount...
NEW YORK-CCPR Services, the principal subsidiary of Cellular Communications of Puerto Rico, was expected to privately place last week a $175 million issue of senior subordinated notes. The deal was trimmed from the $200 million issue originally planned.Donaldson, Lufkin & Jenrette Securities Corp., New...
NEW YORK-Esat Holdings Ltd., Dublin, plans to sell privately about $85 million in debt securities, partly to help finance buildout of a Global System for Mobile communications system that will provide Ireland's second cellular service.Esat Holdings owns a 40 percent stake in Esat Digifone,...
NEW YORK-Moody's Investors Service Inc. announced Jan. 22 it may upgrade approximately $5.1 billion in MCI Communications Corp. outstanding debt and preferred stock because of the growing likelihood that MCI and British Telecommunications plc will complete their merger by the end of this year.Part...
NEW YORK-Companies looking to finance their growth might very well find a warm welcome for their securities in the private placement market.Not only is that market robust and growing, but investor demand has outstripped available supply, according to speakers at the "Private Placements Industry...
Tele-Communications Inc. said the tracking stock it is creating for its holding in Sprint Spectrum L.P. is designed to raise cash, and shouldn't be seen as a sign that TCI has altered its vision of being an integral part of the partnership."From the wireless...
NEW YORK-Moody's Investors Services Inc. upgraded the rating on Cellular Communications Inc.'s convertible subordinated notes due 1999 to Baa2 from Baa3 when AirTouch Communications Inc., CCI's parent company, guaranteed the notes.AirTouch Communications merged with CCI earlier this year.AirTouch Communications' senior debt is rated Baa2....
RIDGEFIELD PARK, N.J.-To conserve cash for operations, MobileMedia Corp. did not make its interest payment last month by the 30-day grace period on 9.38 percent senior subordinated notes due November 2007. Subsequently, Moody's Investor Service Inc. lowered ratings on MobileMedia's senior subordinated ratings to...
MobileMedia Corp. reported a third quarter net loss of $188.1 million and did not meet its scheduled interest payment on its publicly traded bonds. The events prompted a review by Moody's Investors Service for possible downgrade. Smith Barney Inc. remains lukewarm to positive on...
NEW YORK-PriCellular Wireless Corp. plans to issue $140 million in senior unsecured debt, mostly to finance its acquisition of four clustered rural cellular properties in Kentucky from Horizon Cellular Group.PriCellular, based in New York, agreed to pay $116.5 million in cash and stock to...
Western Wireless Corp. is expected soon to privately sell $200 million in notes due 2007 to help finance its ongoing personal communications services buildout and to acquire additional spectrum in the latest Federal Communications Commission auctions.Headquartered in Issaquah, Wash., Western Wireless owns and operates...
NEW YORK-American Portable Telecom Inc., Chicago, reported disappointing third quarter financial results last week, but said it is on track for the early 1997 launch of its personal communications service in six major trading areas.APT, whose majority owner is Telephone and Data Systems Inc.,...
NEW YORK-Paging Network Inc. announced Oct. 10 it sold privately a $500 million issue of notes to help repay existing bank debt and possibly to help finance its launch of VoiceNow, its first narrowband personal communications services offering. The issue was $150 million larger...
NEW YORK-Moody's Investors Service Inc. announced Oct. 10 it has upgraded its ratings on $350 million in outstanding debt issued by Centennial Cellular, New Canaan, Conn.The New York-based rating agency raised its speculative grade rating to B1 from B2 on two senior note issues: $250...
MobileMedia Corp. marked the end of the third quarter with poor earnings, anticipated bank covenant violations, increased churn, a decrease in net new subscribers and potential trouble with the Federal Communications Commission. The grim news sent MobileMedia's stock for a dive.Such are the travails...
NEW YORK-Sygnet Wireless Inc. sold a $110 million issue of 10-year senior unsecured notes Sept. 19 to help finance its acquisition of Horizon Cellular Telephone Co.The notes were priced at face value, with an interest rate of 11.5 percent, according to Donaldson, Lufkin &...
NEW YORK-Standard & Poor's Corp. announced yesterday it had affirmed its speculative-grade CCC- ratings on $2.4 billion of outstanding debt issued by Nextel Communications Inc., Rutherford, N.J. The New York-based agency, which also affirmed Nextel's CCC+ corporate rating, said the outlook on both ratings...
NEW YORK-A recent decision by Nextel Communications Inc. to seek $1.55 billion in secured bank loans for the nationwide rollout of its digital specialized mobile radio network has prompted Moody's Investors's Service to consider downgrading more than $1.65 billion in outstanding Nextel public debt...
NEW YORK-Omnipoint Corp. raised $250 million in gross proceeds in its sale of 10-year senior notes Thursday to help finance the buildout of its personal communications services network in the New York City area.Donaldson, Lufkin & Jenrette Securities Corp., New York, lead managed the...
NEW YORK-Radio Movil Digital Americas Inc., a Deerfield Beach, Fla., specialized mobile radio carrier focused on South America, expected to place privately $130 million in debt last week.Lehman Brothers Inc., New York, is lead underwriter for the sale of seven-year senior discount notes. The...
NEW YORK-Shareholders of Cellular Communications Inc., New York, were scheduled to vote Aug. 16 whether to approve the company's acquisition by AirTouch Communications Inc., San Francisco. Once the merger is approved, AirTouch plans immediately to issue two classes of convertible preferred stock to holders...
Paging stocks have been taking a beating lately as ratings agencies and some analysts worry that plain old paging won't be able to compete in the sophisticated two-way messaging and personal communications services market that beckons the mass consumer.Earlier this month, Moody's downgraded Metrocall...
