Articles > Popular publications > PR Newswire press releases > January-March 1996 > Monday, March 4

Article: DCR ASSIGNS 'BB+' RATING TO 360 COMMUNICATIONS COMPANY'S TWO-PART NOTE OFFERING

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PR Newswire
Article date:
March 4, 1996
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CHICAGO, March 4 /PRNewswire/ -- Duff & Phelps Credit Rating Co. (DCR) has assigned a 'BB+' (Double-B-Plus) rating to 360 Communications Company's (formerly Sprint Cellular) $450 million offering of 7-1/8 percent senior notes due March 1, 2003, and $450 million offering of 7-1/2 percent senior notes due March 1, 2006. Proceeds from the company's initial public debt offering, along with $500 million to be draw down from a credit facility, will be used to repay intercompany debt owed to Sprint Corp. at the time of the spin-off.

Our rating of 360 Communication's debt recognizes the company's solid cash flow growth, its prospective marketing challenges and high levels ... 







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