Subject: [NEXTEL-1] Nextel Plans To Refinance Up To $2.2 Bln In Loans

From: [email-masked]
Date: Thu, 20 Nov 2003 15:35:06 -0500

NEW YORK (Dow Jones)--Nextel Communications Inc. (NXTL) is planning 
to refinance as much as $2.2 billion in existing loans, people with 
knowledge of the deal said Thursday. 

Nextel spokeswoman Audrey Schaefer confirmed that a refinancing was 
in the works, but wouldn't specify the size or other details. 

"We are in the market with a refinancing of our bank facility. The 
reason is that we believe that favorable bank loan market conditions 
combined with our improved financial performance provide an 
opportunity for us to further reduce our costs and strengthen our 
balance sheet," she said. "As part of that process, we are looking 
to reduce overall pricing, extend maturities and reduce the overall 
size of the facility," she also said. 

The refinancing is slated to launch next week with price talk for 
225 basis point over the London interbank offered rate, the people 
said. 

The proposed loan refinancing follows three high-yield bond 
offerings this year for Nextel. 

The Reston, Va.-based wireless provider sold $1 billion 7.375% notes 
due 2015 in July. It then reopened that issue for another $1 billion 
in September and sold $500 million 6.875% notes due 2013 about one 
month ago. 

http://biz.yahoo.com/djus/031120/1437001398_2.html

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