by Freddie Mooche
Debt Consolidation And Credit Verizon said Monday it was buying MCI for $5.3 billion in stock and cash, while S&P said it would lower Verizon's rating and increase MCI's over the deal.If you would like to receive late breaking business news covered by AXcess News then you need to subscribe. By joining, you can stay ahead of the pack and receive the latest news in your email in-box first.
The Fed action, day meeting, term interest rates down to the lowest level since late 2004. It also marked the seventh consecutive rate cut by the central bank since it began easing credit conditions last September to combat the growing threat of a recession brought on by a deep housing slump and credit crisis. The rate cut will mean lower borrowing costs throughout the economy as banks reduce their prime lending rate, the benchmark for millions of consumer and business loans.
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Improve Credit Rating Feb 14, 2005 (AXcess News) New York - Verizon Communications (NYSE: VZ) said Monday it was buying MCI (Nasdaq: MCIP) for $5.3 billion in stock and cash, while S&P said it would lower Verizon's rating and increase MCI's over the deal.
But I bought it based on the ratings and reviews written by others who had bought it, and there were well over 100 ratings.
Credit Online Rating Report The two companies announced the merger Monday morning, saying that Verizon has agreed to acquire MCI for $4.8 billion in equity and $488 million in cash. At the same time, Standard & Poor's said it was concerned over Verizon absorbing that much debt, saying it would lower Verizon's long-term corporate credit rating, currently at "A-plus" to "A". In all about $39 billion Verizon debt was effected, S&P said.
fell slightly on Thursday following the expected BoE rate announcement of a cut of 25bps to 5.00%, the central bank’s third rate cut in 5 months. In the accompanying statement, the BoE attributed the rate cut to growing concerns over the credit markets and the prospect of a deterioration in output growth for the second half of 2008. Inflation was a secondary consideration in this decision as committee judges conceded inflation would remain above the 2% target. The GBPUSD traded at a high of 1.9842 and a low of 1.9708 before closing at 1.9723 in New York.
Credit Score Rating Scale S&P also said it may raise MCI's ratings, including its "B-plus" corporate credit rating. About $6 billion of MCI's debt was affected, S&P said.
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Bad Card Credit Credit People The Boards of Directors of both companies have approved the agreement.
Free Credit Rating Report MCI shareowners will receive 0.4062 shares of Verizon common stock for each common share of MCI. This is worth $4.795 billion and equivalent to $14.75 per MCI share, based on Verizon's closing price on Friday, Feb. 11. MCI shareowners will also receive $1.50 per MCI share in cash, worth $488 million.
Credit Rating Scale In addition, MCI will pay its shareowners quarterly and special dividends of $4.50 per share, worth $1.463 billion. This includes a 40-cent-per-share quarterly dividend approved by the MCI Board on Friday, Feb 11. AdvertisementIn total, the transaction values MCI shares at $20.75 a share, or $6.746 billion.
Bad Credit Rating Verizon will assume MCI's net debt (total debt less cash on hand), targeted to be approximately $4 billion at closing, and customary closing conditions will apply.In addition to MCI shareowner approval, the acquisition requires regulatory approvals, which the companies are targeting to obtain in about a year.
Credit Rating Agency Verizon Chairman and CEO Ivan Seidenberg said in statement released Monday, "We have been evaluating a transaction with MCI for some time, and now we have the opportunity to reach an agreement at the right price that works for both companies and at a time when MCI is gaining momentum.
Credit Rating Canada MCI has a customer base that provides Verizon a competitive advantage in light of AT&T's sale and for MCI, it gives shareholders a way out of its massive debt encumbered during the WorldCom bankruptcy reorganization. Though the business combination may prompt more consolidation activities amongst the small cap communications companies as well.
Bad Credit Mortgage Rating Shares of Verizon closed Monday at $36.19, down 12 cents. Shares of MCI closed at $19.93, down 82 cents, or 3.95%.
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