Subject: [NEXTEL-1] S&P Cuts Through Nextel's Smoke & Mirrors- Refinancing does not enable the company to materially improve its balance sheet due to the magnitude of total debt.

From: [email-masked]
Date: Mon, 22 Sep 2003 10:48:15 -0400

S&P Cuts Through Nextel's Smoke & Mirrors- Refinancing does not enable
 the company to materially improve its balance sheet due to the magnitude of total
debt.
--------------------------------------------------------------------------------------------

S&P comments on Nextel's debt ratings
 Friday September 19, 4:49 pm ET

 NEW YORK, Sept 19 - The issuance of $1 billion of 7.375% senior serial redeemable

 notes due 2015 by Reston, Va.-based wireless service provider Nextel
Communications

 Inc. (BB-/Stable/--) and a near-simultaneous announcement by the company that it
 plans to redeem about $1.2 billion of notes (comprising all of its 9.75% senior
serial
 redeemable notes due 2007 and 12.00% senior serial redeemable notes due 2008)
 have no impact on Nextel Communications' ratings. The two notes will be redeemed
in
 fourth-quarter 2003. By refinancing more expensive debt, annual free cash flow
will
 moderately increase by about $48 million. However, this improvement does not
enable
 the company to materially improve its balance sheet due to the magnitude of total
debt

http://biz.yahoo.com/rf/030919/telecoms_nextel_s_p_1.html

------------------------ Yahoo! Groups Sponsor ---------------------~-->
Buy Remanufactured Ink Cartridges & Refill Kits at MyInks.com for: HP $8-20. Epson $3-9, Canon $5-15, Lexmark $4-17. Free s/h over $50 (US & Canada).
http://www.c1tracking.com/l.asp?cid=6351
http://us.click.yahoo.com/0zJuRD/6CvGAA/qnsNAA/61FxlB/TM
---------------------------------------------------------------------~->

Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/