Alaska Communications withdraws $400 million income securities deal

By Paul A. Harris

St. Louis, Oct. 28 - Alaska Communications Systems Group has withdrawn its $400 million offering of Income Deposit Securities, according to an S-1 document filed Thursday with the Securities and Exchange Commission.

"Due to current market conditions for public offerings, the company has determined not to effect its initial public offering of Income Deposit Securities or the related public offering of senior subordinated notes," the company stated in the filing.

Citigroup, CIBC World Markets, and JP Morgan had the books on the offering.

Proceeds, together with cash on hand, were to be used to fund a cash payment to existing stockholders and to repay the company's existing credit facility.

The company is Anchorage, Alaska-based, provider of fixed line and mobile telecommunications services in Alaska.

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