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November 9, 2009

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Brief: Station refinances debt

Friday, Nov. 27, 1998 | 12:52 p.m.

The old notes will be redeemed at 103.61 percent of the principal amount, Station said.

Meanwhile, the debt-rating agency Standard & Poor's affirmed its double-B rating on Station's corporate credit and single-B-plus rating on Station's subordinated debt and preferred stock, removing all issues from CreditWatch.

S&P said it expects Station's cash flow to rise in 1999 and the company to be able to trim debt to four times cash flow from the current 4.9 times. But S&P said it is maintaining a negative outlook on Station because of its high leverage and warned that "the commitment to debt reduction must be sustained or the rating could be lowered."

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