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Strategies & Market Trends : Making Money is Main Objective
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To: Softechie who wrote (1562)8/1/2001 11:29:18 AM
From: Softechie   of 2155
 
DJ XO Comm. Junk Bonds -2: Prices Up 3 1/2 Points

01 Aug 11:06


(Dow Jones) High-yield bonds issued by XO Communications Inc. (XOXO) were bid
up sharply Wednesday on talk that the company plans to buy back some of its
outstanding debt, according to investors and dealers.

The Reston, Va.- based telecom service provider's 10.75% notes due 2009 were
bid at 38 1/2 and offered at 39 early Wednesday, up about 3 1/2 points on the
day.

The company's stock was up 0.4 at 1.75 on the NASDAQ.

XO Communications spokesman Todd Wolfenbarger declined to comment on the
company's market activity on Wednesday. However, he said the company "continues
to look to buy back debt as attractive opportunities are presented in the
marketplace" - a strategy XO Communications announced in an 8K filing with the
Securities and Exchange Commission in May.

Standard & Poor's on Tuesday lowered XO Communication's senior unsecured debt
ratings to triple-C from single-B and announced a negative outlook. The ratings
agency cited poor market conditions, weak cash flows and competition in the
local telecom service business as reasons for the downgrade.


-By John Dooley, Dow Jones Newswires; 201 938-2078, john.dooley@dowjones.com

(END) DOW JONES NEWS 08-01-01
11:06 AM
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