Las Vegas Sun

December 2, 2009

Currently: 48° | Complete forecast | Log in

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."

archive

  • Most Read
  • Discussed
  • Most E-mailed

Calendar »

  • 2 Wed
  • 3 Thu
  • 4 Fri
  • 5 Sat
  • 6 Sun