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S&P: Nextel Communications unaffected
Standard & Poor's said the announcement by Nextel Communications Inc. (BB+/positive/--) that it plans to redeem all of its outstanding 6% convertible senior notes due 2011 has no impact on the ratings or outlook on the company.
About $608 million in principal amount of these notes were outstanding at March 31. The redemption date has been set for June 7.
S&P said given Nextel Communication's good competitive position, ability to generate significant free cash flow, and more than $2.7 billion of cash and equivalents at the end of March, the company could retire these notes entirely with cash and not experience any meaningful degradation in liquidity.
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