Bernie,
Thanks. This is good news, except the interest rate (OUCH!)
I read this news as additional financing, not a swap or replacment for some of the current financing. Seems like this should therefore alleviate some concerns about capital going into 1999. Let's see if it affects any of the construction 'rumors', capital conservation mode, etc.
I wonder what the time frame is on the money? If I were the issuer, I'd want the payback to last as long as possible, with a pre-payment penalty. If I were Nextel, I'd want to pay it back with some of the CF+ ASAP.
12.75% ??? Is that junk-junk, or what?
Rob |
