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Technology Stocks : NEXTEL
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To: p friend who wrote (9751)8/29/2001 7:17:03 PM
From: Rono  Read Replies (1) of 10227
 
All the bonds were Nextel International's and of the highest yields in the Nextel group. It makes sense to prioritize the highest yielding bonds, so it's difficult to know if this transaction was specific to Nextel International or an attempt to get the biggest bang for the buck. However, the reduction of NI debt should make the ultimate IPO more attractive, though I can't imagine an IPO is in the cards anytime soon.

I don't know enough about the NI bond covenants to know whether they were approaching default status. Never thought it would become an issue. Maybe it was or maybe it wasn't.

With the expected lift of spectrum caps, maybe this was a little balance sheet cleansing before a sale or merger. Who knows?

Regardless, I think it was a good opportunity to reduce debt at a reasonable price.

Good to hear from you.

Ron
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