RCN buying back large chunk of debt
RCN has offered to buy back almost half of its $2.3 billion of long-term debt in a “modified Dutch auction” for holders of its senior unsecured debt.
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The company will pay up to $250 million in cash to wipe about $1.07 billion of debt off its balance sheet. Holders of five categories of senior notes that choose to tender their bonds will receive between 19¢ and 36¢ on the dollar.
RCN’s Finance unit is making the offer using cash from RCN’s balance sheet. As of June 30, RCN had $271 million in cash and $789 million in short-term investments on its books. In June, RCN completed a similar offer, spending about $10 million to wipe out $145.6 million in debt.
--Vincent Ryan, business editor
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© 2012 Penton Media Inc.
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