(ADPnews) - Sep 15, 2009 - S&P on Monday assigned a BBB- issue level rating to US telecom firm CenturyTel Inc's (NYSE:CTL) proposed USD 650 million (EUR 445.4m) of aggregate senior unsecured notes, consisting of 10-year and 30-year notes.
The company will use the proceeds, along with amounts from its senior unsecured revolver, to repay about USD 800 million of existing debt, including notes due in the next three years. The new notes will add a degree of financial flexibility by extending maturities, although operating trends remain somewhat weak, with some 10.5% access-line yearly losses at the legacy Embarq markets in April to June 2009.
On Monday, S&P also …
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