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Article: GCI Completes Issuance of $425 million of New Senior Notes due 2019; Receives Upgrades to Senior Notes due 2014.
- Article from:
- Investment Weekly News
- Article date:
- November 21, 2009
CopyrightCOPYRIGHT 2009 NewsRX. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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General Communication, Inc. (NASDAQ:GNCMA) announced the completion of the previously announced offering of $425 million in aggregate principal amount of new 8 5/8 percent Senior Notes due 2019 at an issue price of 99.17 percent (the "2019 Notes") to be issued by its wholly-owned subsidiary, GCI, Inc. The 2019 Notes are rated BB- with credit watch stable from Standard & Poor's Rating Services ("S&P") and B2 with a stable outlook from Moody's Investors Services ("Moody's"). The net proceeds of the offering will be used to retire all outstanding amounts under an existing senior secured credit facility and the remainder will be used for general corporate purposes.
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